This archive report was first published on 28 October 2019.
Published on October 28, 2019, ECB President Mario Draghi is set to hand over the reins to Christine Lagarde, the first female president of the European Central Bank, as he leaves office after eight years.
Draghi's eight-year tenure at the European Central Bank has been marked by significant economic challenges, including the European sovereign-debt crisis. However, under his leadership, the ECB implemented a series of monetary policies aimed at stabilizing the eurozone economy.
One of Draghi's most notable decisions was to restart government and corporate bond purchases in September, injecting 20 billion euros ($22.2 billion) per month into the economy. However, this move was met with fierce criticism from some ECB governing council members, who argued it was too heavy-handed and would leave the bank with limited firepower in case of a more protracted downturn.
As Draghi prepares to leave office, attention is shifting to Lagarde, a French former economy minister who is set to become the ECB's first female president. Lagarde has vowed to tackle the gender gap in the higher echelons of the ECB and has promised to communicate more clearly with the public.
She has also signaled her commitment to addressing climate change, stating that the ECB's core mandate is 'price stability of course... (but) climate change and environmental risks are mission critical.' Lagarde is expected to officially take up the post on November 1.
