Christine Lagarde receives EU Parliament backing as ECB head

In a vote on Tuesday. the European Parliament gave its backing to France's Christine Lagarde to become the next president of the European Central Bank (ECB).

Ms Lagarde was nominated to the role to succeed Italian economist Mario Dragi. She was previously head of the International Monetary Fund (IMF) from 2011, the first woman to hold the post. Prior to that, she was France's Minister of the Economy, Finance and Industry under President Nicolas Sarkozy.

A non-binding vote in Strasbourg, France, saw the European Parliament vote 394 in favour and 206 against Ms Lagarde's nomination, with 49 abstentions. 

Ms Largarde will be formally appointed to the role by EU leaders in October. She will be the first woman to head the ECB.

The ECB has responsibility for the administration of the euro within the 19 countries of the Eurozone, as well overseeing fiscal policy in the European Union. Her nomination comes at a difficult time when her predecessor, Mario Draghi announced measures to ensure the currency meets its target for inflation, at just under 2%.

Prior to the vote, the EU Parliament debated Ms Lagarde's candidacy, the role of the ECB and the future of the Eurozone.

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