European Parliament Approves Christine Lagarde as Next ECB President

Christine Lagarde, the new president of the European Central Bank. Credit: European Parliament

Christine Lagarde was voted by a majority of members of the European Parliament to become the next president of the European Central Bank (ECB) on Tuesday.

Lagarde, who currently serves as chief of the International Monetary Fund, will replace Mario Draghi on November 1, 2019, for an eight-year tenure in Europe’s highest banking position.

The French official received a total of 394 positive votes, while 209 MEPs voted against her candidacy.

A total of 49 European Parliamentarians abstained from the vote on Lagarde.

Located in Frankfurt, Germany, the ECB is one of the largest central banks in the world and plays the role of the central bank for nineteen out of the twenty-eight EU member states that have adopted the euro as their national currency.