Christine Lagarde appointed President of the European Central Bank

Christine Lagarde appointed President of the European Central Bank

The European Council appointed Christine Lagarde to be the President of the European Central Bank (ECB) Appointments to the President of the ECB are for a non-renewable term of 8 years.

The ECB is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency. The Eurosystem – which consists of the ECB and the national central banks of the euro area – carries out a number of tasks to maintain price stability. These include:

  • defining and implementing monetary policy
  • conducting foreign exchange operations
  • holding and managing the euro area’s foreign currency reserves
  • promoting the smooth operation of payment systems

The ECB carries out specific tasks in the areas of banking supervision, banknotes, statistics, macroprudential policy and financial stability as well as international and European cooperation.

Christine Lagarde will replace the outgoing President, Mario Draghi, as of 1 November 2019.

On 2 July 2019, the European Council considered Christine Lagarde to be the appropriate candidate for President of the European Central Bank. The Council (Economic and Financial Affairs) then issued a formal recommendation on 9 July 2019. The European Parliament and the European Central Bank delivered their opinions to the European Council, respectively on 17 September 2019 and on 25 July 2019.

Read the full press release HERE.

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