Saturday, 24 August 2019
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Lagarde's ECB Nomination Thrusts IMF into Early Succession Race
Wednesday, 3 July 2019 11:02 WIB | GLOBAL |Global

The nomination of Christine Lagarde as European Central Bank president on Tuesday has thrust the International Monetary Fund into an early, unanticipated search for a new leader amid a raging trade war that has darkened the outlook for global growth.

Lagarde in a brief announcement said she was "honored" by the nomination and would temporarily relinquish her duties as IMF managing director during the nomination period.

Her appointment is subject to approval by a fractious European Parliament. If approved, she would take over as ECB president from Mario Draghi on Oct. 31.

But in Washington, speculation about possible candidates was already centering on Europeans that had been viewed as contenders for the ECB job, including Bank of Finland Governor Olli Rehn, French central bank chief Francois Villeroy de Galhau, Germany's Bundesbank President Jens Weidmann, and ECB executive board member Benoit Coeure.

Some analysts also suggested that Draghi, who will turn 72 before he leaves the ECB, could be a potential IMF candidate in a sort of job-swap with Lagarde, who is 63.

Lagarde's departure would deprive the IMF of a tireless advocate for the benefits of trade, global growth that aids the poor and middle classes, and the empowerment of women.

She has spent much of this year warning about slowing global growth caused by the U.S.-China tariff war, which the IMF estimates would cut global economic output by 0.5 percent.

Source : VOA News

RELATED NEWS
Abe: Seoul's Ending of Intelligence Deal Damages Mutual Trust...
Friday, 23 August 2019 17:13 WIB

Japan's prime minister said Friday that South Korea's decision to end a military intelligence sharing deal with Tokyo damages mutual trust. Shinzo Abe, speaking a day after Seoul announced its decisi...

Trump Cancels Plan to Cut Off Foreign Aid...
Friday, 23 August 2019 11:11 WIB

President Donald Trump is considering cutting US $ 4 billion in foreign aid because he considers wasteful, unnecessary. But finally he finished compiling his plan was opposed by the American Congress....

South Korea to Scrap Military Intel Sharing Deal with Japan...
Thursday, 22 August 2019 23:24 WIB

In an escalation of its bitter dispute with Japan, South Korea decided Thursday to scrap a military intelligence sharing agreement with Tokyo, opening a new divide in trilateral security cooperation b...

Trump Says He Wants Russia Back at G-7 Summits...
Thursday, 22 August 2019 17:14 WIB

U.S. President Donald Trump said Wednesday he wants Russia back at the Group of Seven summits of the world's leading economies, even though it still controls Ukraine's Crimean Peninsula. Moscow was b...

2 US Service Members Killed in Afghanistan...
Thursday, 22 August 2019 10:41 WIB

Two U.S. service members were "killed in action" Wednesday in Afghanistan, the U.S. military said, as talks between the U.S. and the Taliban were set to resume in Qatar. U.S. officials confirmed this...

LATEST NEWS
Hong Kong stocks finish week on positive note (Review)

Hong Kong shares ended the week with a healthy rise on Friday as investors look ahead to a key speech later in the day by Federal Reserve boss Jerome Powell hoping for hints at further interest rate cuts. The Hang Seng Index jumped 0.50 percent,...

Dow closes down more than 600 points after Trump orders U.S. companies to leave China

U.S. stocks ended the trading day sharply lower after President Trump escalated trade war rhetoric Friday, tweeting that he had "hereby ordered" U.S. companies "to immediately start looking for an alternative to China. The Dow Jones Industrial...

Oil prices slide 2.1% as US-China trade war escalates

Oil prices fell on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods, marking another escalation of a protracted trade dispute between the world™s two largest economies. Brent crude futures fell 50...

POPULAR NEWS
Gold ends flat, then moves lower in electronic trade after Fed minutes
Thursday, 22 August 2019 01:24 WIB

Gold prices finished unchanged on Wednesday, after spending much of the session losing ground on the back of strength in benchmark U.S. stock...

Gold posts lowest finish in nearly 2 weeks as bond yields climb
Friday, 23 August 2019 01:36 WIB

Gold futures declined on Thursday, pressured by strength in bond yields as the Fed™s symposium of central bankers got underway in Jackson Hole,...

Gold sinks as bond yields climb
Thursday, 22 August 2019 19:49 WIB

Gold futures headed lower Thursday as bond yields edged up, dimming some of the luster from the precious metal, with the Federal Reserve's annual...

Gold Holds Drop as Traders Await Jackson Hole Meeting
Thursday, 22 August 2019 08:55 WIB

Gold held a decline as investors await a key address by Federal Reserve Chairman Jerome Powell at the annual Jackson Hole gathering on Friday...