European leaders voted to make IMF head Christine Lagarde the president of the European Central Bank.
IMF General Manager Christine Lagarde arrives for the family photo at the G20 Osaka Summit in Osaka on June 28, 2019.As the managing director of the International Monetary Fund, Christine Lagarde is already one of the world’s
Lagarde would succeed current ECB president Mario Draghi, who has held the role since 2011 and whose term ends on October 31. Draghi leaves the position amid uncertainty for the Euro and European monetary policy; he has signaled interest rate cuts and a quantitative easing program despite the lowest unemployment levels in a decade and inflation running at barely half the ECB's goal of 2%.
“Unlike her predecessors she doesn’t bring an academic background to the table, but she is widely known for her political savviness,” Charlie Ripley, senior investment Strategist for Allianz Investment Management, toldin an email. “This could be particularly useful for the EU, which has run into recent challenges and headwinds that may require different monetary tools for support.”
Before coming to the IMF, Lagarde worked her way up the ladder at law firm Baker McKenzie and served as France’s finance minister—the first woman to hold the role in any G7 country.
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