EP Endorses Mario Draghi for ECB President

German Chancellor Angela Merkel (R) and designated President of the ECB, Mario Draghi (L), chat as they arrive at the Federal Chancellery in Berlin, on 16 June 2011. EPA/BGNES

The European Parliament has endorsed the nomination of Italian banker Mario Draghi as the new head of the European Central Bank ahead of this week's EU Council, which is expected to finalize the appointment.

Draghi's nomination was approved on Thrusday with 499 votes in favor, 72 votes against, and 89 MEPs abstaining.

"I am very pleased that the European Parliament has approved Mario Draghi as the next President of the European Central Bank. In these tough economic times, it is reassuring to know that the euro-zone will be in safe hands with Mr Draghi and I look forward to working with him," EP President Jerzy Buzek said.

The EP endorsement comes after last week Mario Draghi was recommended to succeed Jean-Claude Trichet as President of the European Central Bank in a vote of the Economic and Monetary Affairs Committee of the European Parliament.

Draghi, the Governor of Banca d'Italia, Italy's central bank, has told the MEPs that the ECB must not be diverted from its primary goal of price stability and that he would use the European Parliament venue to strengthen the Bank's accountability to citizens.

Voluntary involvement of private investors as part of a solution to the Greek crisis is workable, he told the Economic and Monetary Affairs Committee of the European Parliament last week.

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