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Nicolas Sarkozy backs Italian Mario Draghi to be ECB president
Date 27/04/2011 17:11  Author webmaster  Hits 1200  Language Global
27 APR 2011

The Governor of the Bank of Italy has taken a significant step towards leading the European Central Bank after winning the endorsement of Nicolas Sarkozy.

By Graham Ruddick | The Telegraph

The French president said the appointment of Mario Draghi, a former Goldman Sachs banker and head of the Financial Stability Board, would be a strong signal "for all those Italians who doubt Italy's role in the EU".

He added: "France will be very happy to support an Italian for the presidency of the ECB. I know Mario Draghi well. We support him not because he is Italian but because he is a man of quality."

Mr Draghi has emerged as the front-runner to succeed Jean-Claude Trichet as ECB president after Axel Weber, the outgoing head of Germany's Bundesbank, ruled himself out.

Mr Trichet will step down in October and European leaders will discuss his successor at a summit in June.

The recommendations of Angela Merkel will be vital to the outcome of the debate but a spokesman for the German Chancellor said yon Tuesday: "The federal government will pronounce itself on a possible candidate at the appropriate time."

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