Lagarde Gets EU Parliament’s Approval As The Next ECB Boss

The European Parliament has approved the appointment of outgoing IMF chief Christine Lagarde as the next boss of the European Central Bank.

Naija news learnt that the approval was decided as the Member European Parliament voted 394 in favour, 206 against and with 49 abstentions in the parliament’s plenary in Strasbourg.

Although, the final decision on her appointment is up to EU leaders in a mid-October summit, she is expected to easily clinch that confirmation as the leaders put her forward for the ECB post back in July.

Lagarde, a former French economy minister and head of the International Monetary Fund for the past eight years, is expected to largely follow the course set by departing ECB president Mario Draghi.

Draghi was hailed seven years ago for saving the eurozone from debilitating crisis by vowing “the ECB is ready to do whatever it takes”.

But his decision last Thursday to have the ECB intervene again with quantative easing (QE) from November and a cut to the interest paid on banks’ deposits deeper into negative territory has ruffled the feathers of some EU states.