ECB backs Lagarde's appointment as new president

FRANKFURT: The European Central Bank said on Thursday it had "no objection" to Christine Lagarde becoming its new president, saying she has the experience required for the job.

"The Governing Council has no objection to the proposed candidate, Christine Lagarde, who is a person of recognised standing and professional experience in monetary or banking matters," the ECB said.

The ECB's announcement is a formal step towards Lagarde's appointment by euro zone governments. She would then replace Mario Draghi on Nov. 1.