Sarkozy backs Italian candidate for ECB post

FRENCH President Nicolas Sarkozy threw his weight behind Mario Draghi’s candidacy to head the European Central Bank yesterday, giving a major boost to the Bank of Italy chief’s hopes of succeeding Jean-Claude Trichet.

Mr Sarkozy’s public endorsement raised pressure on German Chancellor Angela Merkel to accept Mr Draghi as successor to Mr Trichet when the Frenchman’s eight-year term expires later this year.

“France will be very happy to support an Italian at the presidency of the European Central Bank,” Mr Sarkozy said at a joint news conference in Rome with Italian Prime Minister Silvio Berlusconi.