ECB Endorses IMF’s Lagarde as President Amid Economic Weakness

(Bloomberg) -- The European Central Bank endorsed the appointment of Christine Lagarde as its next president, the Governing Council said on Thursday.

“The Governing Council has no objection to the proposed candidate,” the statement said, calling the former International Monetary Fund managing director a “person of recognized standing and professional experience in monetary or banking matters.”

Lagarde, who is due to take over from President Mario Draghi on Nov. 1 after her official appointment by European leaders, is going to inherit a weakening euro-area economy scarred by global-trade tensions and a depleted central-bank arsenal after years of monetary stimulus.

At its meeting on Thursday, the Governing Council is expected to open the door for another interest-rate cut that would take borrowing costs deeper below zero. The ECB announces its decision at 1:45 p.m in Frankfurt.

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