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Lagarde to Succeed Draghi as ECB Chief as Economy Weakens

  • Decision to nominate IMF chief taken by EU leaders after talks
  • Lagarde first woman to run ECB, lacks central bank background
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Lagarde to Succeed Draghi as ECB Chief
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Christine Lagarde is set to swap the helm of the International Monetary Fund for that of the European Central Bank, becoming the first woman to run euro-area monetary policy just as the bloc’s economy looks in need of fresh stimulus.

Lagarde was nominated to succeed Mario Draghi as president of the ECB when his eight-year term ends on Oct. 31. European leaders turned to the 63-year old onetime lawyer and former French finance minister on Tuesday after hours of horse-trading in Brussels over a package of top EU jobs which included handing the presidency of the European Commission to German Defense Minister Ursula von der Leyen.