Europe’s leaders are preparing for weeks of politically-charged haggling to see who will succeed ECB President Mario Draghi
European leaders will soon pick a replacement for European Central Bank President Mario Draghi, who has held the position for nearly eight years. Photo: Joshua Roberts/Bloomberg News By Tom Fairless May 25, 2019 7:00 a.m. ET FRANKFURT—It’s horse-trading season in Europe.
The backroom dealing over the job comes as the continent’s economy is softening amid waning overseas demand for its exports, and as a new wave of anti-EU populists threatens to disrupt the bloc’s decision-making. Europe’s economy faces a plethora of challenges, including a lack of large technology firms to compete with U.S. and Chinese rivals, international trade wars and messy negotiations over Britain’s departure from the EU.
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The ECB process contrasts with more open approaches at other major central banks. Former Fed Vice Chairman Stanley Fischer joined the U.S. central bank after running Israel’s. Bank of England Gov. Mark Carney previously ran the Bank of Canada, and the U.K. central bank recently placed a public advertisement for his successor.
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