Draghi secures top post in ECB

EU LEADERS appointed Italy’s Mario Draghi as the next president of the European Central Bank yesterday and said another Italian would step down from the ECB’s executive board early to smooth the process.

In draft conclusions agreed at a summit in Brussels, EU leaders “appointed Mr Mario Draghi president of the European Central Bank from November 1 2011 to October 31 2019”.

The 63-year-old Italian economist and banker will replace France’s Jean-Claude Trichet, who steps down at the end of October after eight years in the eurozone’s top monetary policy post.