ECONOMY

EU finance ministers back Lagarde to head ECB

The of countries have announced their support for to take the helm of the ().

The results of a Financial Affairs Council (ECOFIN) meeting in Brussels, published on Tuesday on the Council of the EU website, said the ECOFIN adopted a recommendation to the Council of the EU on nominating Lagarde to be the next ECB head.

It said that Council of the EU is expected to take a formal decision on the appointment in October, after having consulted the and the ECB's Governing Council.

The new ECB president will succeed , whose term is due to end on Oct. 31, for a non-renewable 8-year term, the results of the meeting said.

Lagarde was the IMF's first-ever female managing director, and has filled the role since 2011. If appointed, she will also be the ECB's first-ever female president.

She is a French lawyer and businesswoman.

Lagarde, 63, has also served as French finance minister.

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