Brussels, June 26, 2011 (SPS) - EU leaders appointed Friday Italy’s Mario Draghi as the next president of the European Central Bank and another Italian on the ECB’s executive board agreed to step down to smooth the process, EU sources said.
In draft conclusions agreed at a summit in Brussels, EU leaders “appointed Mr Mario Draghi president of the European Central Bank from 1 November 2011 to 31 October 2019.”
The 63-year-old economist and banker will replace France’s Jean-Claude Trichet, who steps down at the end of October after eight years in the euro zone’s top monetary policy post.