Lagarde to take over from Draghi

Other reports on positions also are also confirmed, according to Luxembourg's Xavier Bettel. The EU's Tusk also confirmed there has been an agreement.

  • EU Commission Ursula Von Der Leyen
  • Charles Michel for Council President
  • Foreign policy chief: Borrell (earlier this was rumored to be Sefcovic)

Bettel tweeted that the decisions were done:


The initial tick in the euro is lower.

Lagarde will be appointed to an 8-year term when Draghi's term expires at the end of October.

It's not even clear she's qualified, according to the treaty but there's no way that's going to stop this appointment now. Consider it a done deal.

ECB articles on Presidency

My problem isn't the qualifications, it's the politicization. See: Christine Lagarde would be the final act of politicizing the ECB

The good news, if you're a trader, is that Lagarde isn't exactly a tight-lipped old school central banker so that should create plenty of intrigue and volatility.

Update: Tusk is confirming the nominations now.

Confirmation tweet tusk

Lagarde herself said she will stand down from IMF duties during the ECB nomination period.

lagarde confirmation

There will now be a shuffle for the top IMF job. Lagarde's term ends in 2021 and less than a month ago she said she intended to finish her mandate.

The job has always gone to a European.