Over a month after the European parliamentary elections, the leaders of EU countries are still picking who would take the most desired positions in the European government.
Today the markets in Europe marked gains as it became known that Christine Lagarde is nominated to be the next President of the European Central Bank. The current leader of the ECB, Mario Draghi, is vacating his position in October. There was a bit of unease as some of the rumored nominees are not so fond of Draghi’s dovishness, which was key in helping Europe overcome the fallout of the 2008 economic crisis. Lagarde, who is currently heading the International Monetary Fund, has proven herself patient and methodical, and has been in agreement with Draghi on monetary policy more than once. If she is confirmed as the next ECB President, the transition will be smooth and painless.
Lagarde’s nomination contributed to the already positive mood caused by the United States and China’s truce reached during the G20 summit, and stocks in Europe rose.
The run for Junker’s job as head of the European Commission has also been a heated one. Initially it was expected that Frans Timmermans from the Netherlands will get the nomination. However, he was opposed by Hungary’s Orban and the more nationalist-minded leaders from Eastern Europe. Now the nomination went to German defense minister Ursula Von Der Leyen.
The current Prime Minister of Belgium, Charles Michel was chosen to be the next president of the European Council, taking over from Donald Tusk.
