The “green light” to the nomination of the Italian central banker Mario Drago for the presidency of the European Central Bank gave Germany, while Rome prepares to officially propose him the next week as the successor of Jean-Claude Trichet.
Representative of the German Chancellor said Wednesday that Angela Merkel will support Mr. Mario Draghi as a new governor of the ECB when it formally announce his candidacy.
Meanwhile, in yesterday’s interview with a German newspaper, Mrs. Merkel said that Mr. Mario Draghi embrace the economic beliefs of Berlin.
“I know Mr. Mario Draghi. It is a very interesting and experienced person, “said the German chancellor in the newspaper Die Zeit. “It is very close to our agenda for stability and credible economic policy,” he said.
The German support paves the way for the installation of Mario Drago at the helm of the ECB, as France and other euro countries have already committed to his candidacy.
A source with knowledge of the matter said that Italy intends to formally announce it in Monday Eurogroup’s summit. So far no country has formally proposed candidate for the succession of Trichet, whose eight-year term will expires in October.
Mr. Mario Draghi was the leading candidate successor of Trichet after the decision of the German Axel Weber, who was formerly the favorite to leave the presidency of the Bundesbank and not seek the appointment of the ECB.
Germany, however, is torubled that Mr. Mario Draghi comes from a country with a tradition of high inflation and lax fiscal discipline. Against the Italian banker may be measured and the mandate of the controversial U.S. investment bank Goldman Sachs
Leaders of the eurozone is expected to decide the successor of Jean-Claude Trichet in June.
This news post was written by Chris on May 12, 2011