Merkel backs Italian banker to become next ECB president

GERMAN chancellor Angela Merkel backed Mario Draghi yesterday to become the next European Central Bank president, clearing the way for the Italian to succeed Jean-Claude Trichet from November.

Ms Merkel’s spokesman said she stood ready to support Mr Draghi after a source told Reuters that Italy was expected to propose him formally at a meeting of eurozone finance ministers on Monday.

“If this candidacy is put forward, the government will support it,” said German government spokesman Christoph Steegmans.