On Tuesday, European officials nominated Christine Lagarde, the International Monetary Fund’s current leader, to succeed Mario Draghi as European Central Bank president. What is the European Central Bank? The European Central Bank, which has its headquarters in Frankfurt, sets monetary policy and supervises banking for the 19 countries that use the common European currency, the euro. How big is the eurozone economy and which countries participate in it? The pronouncement established the E.C.B.’s commitment to preserving the euro, a significant moment for the bloc and for the global economy.

Source: International New York Times July 02, 2019 18:11 UTC