The European Council appointed on 18 October Christine Lagarde to be the President of the European Central Bank for a non-renewable term of 8 years. She will replace the outgoing President, Mario Draghi, as of 1 November 2019.
On 2 July, the EU Council considered Lagarde to be the appropriate candidate for President of the ECB. The Council (Economic and Financial Affairs) then issued a formal recommendation on 9 July. The European Parliament and the European Central Bank delivered their opinions to the European Council, respectively on 17 September and on 25 July.
Lagarde holds a law degree from the Paris Nanterre University and a master’s degree from the Political Science Institute in Aix en Provence, southern France. In 2011, she was elected to become the first-ever female head of the International Monetary Fund.