EZA 718: Briefing Note

06 January 2006

Changing faces on the Governing Council
Goldman Sachs Vice-Chairman and former academic and Treasury official Draghi replaces Fazio as Governor of Bank of Italy and member of ECB's Governing Council. Draghi, highly regarded both in Italy and internationally, will bring pragmatic rather than doctrinaire approach to Governing Council's monetary policy deliberations. German government sees Bundesbank Vice-President and former finance ministry official Jürgen Stark as suitable candidate to replace Issing on ECB Executive Board but not yet the formal German nominee. Stark, like Draghi, likely to be pragmatic rather than doctrinaire. Not a foregone conclusion that Stark, if appointed, would be given Issing's Chief Economist role.

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© Graham Bishop