The European Council appoints Christine Lagarde to be the President of the European Central Bank for a non-renewable term of 8 years.
Christine Lagarde will replace the outgoing President, Mario Draghi, as of 1 November 2019.
Consideration where made by the European Council on 2 July 2019 for Christine Lagarde to be the appropriate candidate for President of the European Central Bank. A formal recommendation was issued on the 9 July 2019 by the Council (Economic and Financial Affairs. The European Parliament and the European Central Bank delivered their opinions to the European Council, respectively on 17 September 2019 and 25 July 2019.
Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB executive board are made “by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank.”
The ECB executive board is responsible for the implementation of euro area monetary policy, as laid down by the ECB governing council. It is composed of the President, the Vice President and four other members, all appointed for a non-renewable 8-year term. The governing council is composed of six executive board members and the governors of national central banks of the euro area member states.