IMF's Christine Lagarde nominated for European Central Bank chief

Christine Lagarde, the managing director and chair of the International Monetary Fund (IMF) and former French finance minister, has been nominated by the European Council to replace Mario Draghi as president of the European Central Bank (ECB). Lagarde, whose background is in politics, and is not an economist per se, was jostling with a number of nominees for senior EU roles in a meeting of the bloc's executives yesterday. In the same session, Ursula von der Leyen, of Germany, was nominated as the bloc's preferred candidate for president of the European Commission. The president of t...