EP Approves Appointments of Christine Lagarde and Yves Mersch
European Parliament approved Christine Lagarde as the next ECB President and Yves Mersch as the Vice-Chair of the ECB Supervisory Board. Ms. Lagarde is due to replace the current incumbent, Mario Draghi on November 01, 2019. The candidature of Ms. Lagarde and Mr. Mersch will now be put on the agenda of the European Council summit in October.
The European Parliament gives a non-binding opinion on whether or not a candidate is suitable to fill the role of President of the ECB, with the final decision taken by the European Council. The European Supervisory Board is part of the Single Supervisory Mechanism (SSM), a system set up in the aftermath of the financial crisis to better supervise credit institutions in the EU and move toward the Banking Union. The Supervisory Board is composed of the national supervisors participating in the SSM, in addition to a chair, vice-chair, and four ECB representatives. Its task is to draft supervisory decisions, which are then adopted by the Governing Council of ECB, acting in its role of bank supervisor.
Related Links
- Press Release: Christine Lagarde
- VP Dombrovskis on Appointment of ECB President
- Press Release: Yves Mersch
Keywords: Europe, EU, Banking, Christine Lagarde, Yves Mersch, ECB President, ECB, EC, European Council, European Parliament
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