Draghi Campaign to Run ECB After Trichet Wins Momentum With German Backing |
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April 20, 2011
Mario Draghi’s campaign to run the European Central Bank is gaining momentum as some German officials signal they support the Italian taking charge of euro- area monetary policy.
Mario Draghi's campaign to run the European Central Bank is gaining momentum as some German officials signal they support the Italian taking charge of euro- area monetary policy.
German Finance Minister Wolfgang Schaeuble sees Bank of Italy Governor Draghi as the candidate likeliest to be appointed as the ECB's next chief, say people familiar with his thinking. Deputy Foreign Minister Werner Hoyer, who manages European affairs, said last week Draghi would make a "very good" ECB president and uphold Germany's goal of a stable euro.
Germany, the region's largest economy and biggest donor to its bailout facility, is first among equals in deciding who replaces Jean-Claude Trichet at the helm of the Frankfurt-based ECB when his eight-year term ends on Oct. 31. Draghi, 63, could still come unstuck if he fails to win the backing of Chancellor Angela Merkel, who is struggling to rally support for the euro at home and may face domestic criticism for choosing a southern European from a country with a legacy of inflation and debt.
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