Draghi wins approval for ECB presidency

BANK of Italy Governor Mario Draghi has won a European Parliament committee’s endorsement to succeed Jean-Claude Trichet as head of the European Central Bank.

The Parliament’s Economic and Monetary Affairs Committee in Brussels approved Mr Draghi’s nomination to become ECB president for an eight-year term, starting on November 1.

The full 736-seat European Union assembly is due to give its verdict on June 23.