Appointment of Christine Lagarde as head of the European Central Bank

Summary:

Reports and analyses concerning the selection and subsequent appointment of Christine Lagarde to lead the European Central Bank (ECB).

Further information:

Ms Lagarde's name was put forward as part of a package agreed by the European Council on selecting the leading figures of the main institutions of the European Union (EU), following the European Parliament elections in May 2019. The overall agreement was reached on 2 July 2019.

The Council of the European Union adopted on 9 July a Recommendation on the nomination of Ms Lagarde for the ECB presidency, thus formalising the agreement reached by national leaders. On 16 July, Ms Lagarde announced her resignation as head of the International Monetary Fund (IMF). On 25 July, the Governing Council of the ECB adopted an opinion on the recommendation from the Council. The Governing Council raised no objections to the proposed candidate.

On 4 September, the European Parliament's Economics and Monetary Affairs Committee recommended Ms Lagarde for the post of ECB President following a session in which she was questioned on her competences and plans. The endorsement was confirmed by the plenary session of the Parliament on 17 September.

Christine Lagarde was appointed by the European Council as President of the European Central Bank on 18 October. Her non-renewable term of 8 years started on 1 November 2019.

Official

European Parliament: Legislative Observatory: Procedure File for Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2019/0810(NLE)

ECB: Press Release, 25/07/2019: ECB adopts opinion on appointment of its future President https://www.ecb.europa.eu//press/pr/date/2019/html/ecb.pr190725~ff0d8a1ab8.en.html

European Parliament: Press Release, 04/09/2019: Lagarde recommended for ECB President by Economics and Monetary Affairs Committee http://www.europarl.europa.eu/news/en/press-room/20190904IPR60306/

European Parliament: Opening Statement by Christine Lagarde to the Economic and Monetary Affairs Committee of the European Parliament, 4 September 2019 http://www.europarl.europa.eu/cmsdata/186560/Opening%20Statement%20by%20Christine%20Lagarde%20to%20the%20ECON%20Committee-original.pdf

European Parliament: Written replies of Ms Lagarde to the written questions of MEPs, 4 September 2019 http://www.europarl.europa.eu/meetdocs/2014_2019/plmrep/COMMITTEES/ECON/PR/2019/09-04/1187645EN.pdf

European Parliament: Press Release, 17/09/2019: European Parliament gives green light to Christine Lagarde http://www.europarl.europa.eu/news/en/press-room/20190912IPR60928/

European Council Decision on the appointment of the President of the European Central Bank https://data.consilium.europa.eu/doc/document/ST-12622-2019-INIT/en/pdf

European Council: Press Release, 18/10/2019: Christine Lagarde appointed President of the European Central Bank https://www.consilium.europa.eu/en/press/press-releases/2019/10/18/christine-lagarde-appointed-president-of-the-european-central-bank/

ECB: The President of the European Central Bank - Christine Lagarde [Curriculum Vitae] https://www.ecb.europa.eu/ecb/orga/decisions/html/cvlagarde.en.html

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News

Politico, 09/07/2019: EU finance ministers back Lagarde for ECB top job https://www.politico.eu/article/finance-ministers-back-lagarde-for-ecb-top-job/

Deutsche Welle, 16/07/2019: Christine Lagarde steps down as IMF chief, to take up ECB post https://p.dw.com/p/3MAft

BBC News, 16/07/2019: Christine Lagarde resigns as head of IMF https://www.bbc.co.uk/news/business-49009226

Bloomberg, 21/07/2019: Draghi Prepares His Legacy for Like-Minded Lagarde as ECB Meets https://www.bloomberg.com/news/articles/2019-07-21/draghi-prepares-his-legacy-for-like-minded-lagarde-as-ecb-meets

Reuters, 25/07/2019: ECB backs Lagarde's appointment as new president https://www.reuters.com/article/idUSKCN1UK134

TIME, 04/09/2019: Christine Lagarde Defends the European Central Bank's Low Rates as She Prepares to Take Over https://time.com/5669368/christine-lagarde-european-central-bank-rates/

EurActiv, 04/09/2019: Lagarde pledges to continue with Draghi’s loose monetary stance https://www.euractiv.com/section/economy-jobs/news/lagarde-pledges-to-continue-with-draghis-loose-monetary-stance/

EUObserver, 04/09/2019: Rich EU states should spend more, Lagarde says https://euobserver.com/economic/145829

Politico, 04/09/2019: Lagarde charms EU lawmakers as she heads for ECB presidency https://www.politico.eu/article/lagarde-charms-eu-lawmakers-as-she-heads-for-ecb-presidency/

Deutsche Welle, 04/09/2019: Lagarde at EU parliament hearing for ECB presidency https://p.dw.com/p/3P1NZ

Bloomberg, 04/09/2019: ECB Nominee Lagarde Supports Push to Clarify Inflation Goal https://www.bloomberg.com/news/articles/2019-09-04/ecb-nominee-lagarde-supports-push-to-clarify-inflation-goal

The New York Times, 04/09/2019: Lagarde Vows to Put Climate Change on the E.C.B.’s Agenda https://www.nytimes.com/2019/09/04/business/climate-change-ecb-lagarde.html

RTÉ News, 04/09/2019: ECB President hopeful supports bank's current stance https://www.rte.ie/news/business/2019/0904/1073759-lagarde-at-european-parliament/

Reuters, 17/09/2019: Lagarde wins EU lawmakers' approval to lead ECB https://www.reuters.com/article/idUSKBN1W213F

Deutsche Welle, 17/09/2019: EU Parliament backs France's Lagarde as next ECB chief https://p.dw.com/p/3PiI5

RTÉ News, 17/09/2019: Lagarde wins EU approval to lead ECB https://www.rte.ie/news/business/2019/0917/1076440-lagarde-wins-eu-approval-to-lead-ecb/

Politico, 18/10/2019: EU seals Lagarde’s ECB appointment https://www.politico.eu/article/eu-seals-lagardes-ecb-appointment/

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Commentary and Analysis

BBC News, 02/07/2019: Christine Lagarde: The 'rock star' of finance https://www.bbc.co.uk/news/business-48847473

Politico, 03/07/2019: ECB needs a rocket scientist, not a rock star https://www.politico.eu/article/ecb-lurches-from-rocket-scientist-to-rock-star-christine-lagarde/

EurActiv, 03/07/2019: Christine Lagarde, a non-conventional pick for the ECB presidency https://www.euractiv.com/section/eu-elections-2019/news/christine-lagarde-a-non-conventional-pick-for-the-ecb-presidency/

Euro|topics, July 2019: The right people for the EU's top jobs? https://www.eurotopics.net/en/222777/

The Guardian, 09/07/2019: The ECB must heed calls to review its policy framework https://www.theguardian.com/business/2019/jul/09/christine-lagardes-arrival-would-be-ideal-time-for-ecb-review

The Guardian, 15/07/2019: Christine Lagarde will have to confront Berlin if she’s to save the euro https://www.theguardian.com/commentisfree/2019/jul/15/christine-lagarde-ecb-berlin-eurozone-yanis-varoufakis

Bloomberg, 25/07/2019: Lagarde’s Future ECB Colleagues Aren’t All Convinced About Her https://www.bloomberg.com/news/articles/2019-07-25/lagarde-s-future-ecb-colleagues-aren-t-all-convinced-about-her

Reuters, 13/08/2019: Draghi's parting gift to tie Lagarde's hands https://www.reuters.com/article/idUSKCN1V30WZ

Bloomberg, 17/09/2019: Draghi Leaves It to Lagarde to Pick Up the Pieces https://www.bloomberg.com/opinion/articles/2019-09-17/mario-draghi-lets-christine-lagarde-pick-up-the-pieces-at-the-ecb

The Guardian, 30/09/2019: Christine Lagarde must jump-start change in Europe's economy https://www.theguardian.com/business/2019/sep/30/christine-lagarde-europ-economy-ecb

The Economist, 26/10/2019: Germans have mixed feelings about Christine Lagarde https://www.economist.com/finance-and-economics/2019/10/26/germans-have-mixed-feelings-about-christine-lagarde

Bloomberg, 31/10/2019: Lagarde’s Task Is to Lead a Cultural Revolution https://www.bloomberg.com/opinion/articles/2019-10-31/ecb-s-new-president-christine-lagarde-has-tough-job-to-boost-euro

LSE: EUROPP Blog, 01/11/2019: What to expect from Christine Lagarde’s presidency of the European Central Bank https://blogs.lse.ac.uk/europpblog/2019/11/01/what-to-expect-from-christine-lagardes-presidency-of-the-european-central-bank/

Deutsche Welle, 01/11/2019: Christine Lagarde will need all her skills to steer ECB through trying times https://p.dw.com/p/3SBPJ

New Statesman, 01/11/2019: The danger of personalised power in the EU https://www.newstatesman.com/world/europe/2019/11/danger-personalised-power-eu

LSE: EUROPP Blog, 09/01/2020: Taking stock of Christine Lagarde’s challenges at the ECB https://blogs.lse.ac.uk/europpblog/2020/01/09/taking-stock-of-christine-lagardes-challenges-at-the-ecb/

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