EU Leaders Nominate Lagarde for ECB President: Summit Update

 

• Christine Lagarde is set to swap the IMF for the ECB, replacing Mario Draghi at the central bank just as the bloc's economy looks in need of fresh stimulus.
• Investors will likely bet that as a seasoned crisis-fighter, Lagarde will share Draghi’s taste for aggressive and innovative monetary policy.
• German Defense Minister Ursula von der Leyen was nominated to be the next European Commission head.
• The selections, which must be ratified by parliament, mark the first female leaders for both institutions.

(Source: Bloomberg)