Italy’s Draghi named as new ECB chief

The Italian Mario Draghi has been named as Jean-Claude Trichet’s successor as head of the European Central Bank.

The formal appointment of the governor of the Bank of Italy had been put back from Thursday until Friday, it is thought over assurances sought by the French.

European Council President Herman Van Rompuy says EU heads of state and government have agreed to Draghi’s nomination.

Diplomats say the Italian ECB board member Lorenzo Bini Smaghi will step down by November 1, the date when Draghi is due to take over at the helm.

This would have helped to win over the French. Paris, and it is thought other eurozone capitals, had objected to the presence of two Italians on the board of the ECB at the same time.

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