Germany backs Draghi for ECB

BANK of Italy governor Mario Draghi won the blessing of German chancellor Angela Merkel to become the next president of the European Central Bank (ECB) yesterday.

Draghi, who will replace Jean-Claude Trichet in October when his eight-year term ends, will have to lead the ECB through interest rate rises to counter inflation in the trading bloc, as well as an ongoing sovereign debt crisis among peripheral nations.

Merkel told Die Zeit newspaper that Draghi “stands very close to our agenda of stability and solid economics.”

He will be nominated on 16 May.