Italy’s Draghi Appointed to Succeed Trichet as ECB President
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Bank of Italy Governor Mario Draghi was appointed as the next president of the European Central Bank, avoiding a delay that risked complicating the handling of the sovereign-debt crisis.
Draghi’s appointment was approved at a summit of European Union leaders in Brussels today, an EU spokesman said. The 63-year-old Italian will take over from Jean-Claude Trichet as the head of the Frankfurt-based ECB, beginning an eight-year term on Nov. 1.