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EU Leaders Rubber Stamp Lagarde's ECB Appointment

Associated Press

   BRUSSELS - European Union leaders have approved the appointment of
   Christine Lagarde as the next president of the European Central Bank.
   The former International Monetary Fund managing director will replace
   Mario Draghi, who has served as ECB president since 2011.
   The European Council had already issued a formal recommendation for
   Lagarde, and Friday's move was just a confirmation after the European
   Parliament and the ECB also supported her.
   The ECB sets monetary policy for the 19 countries that use the euro
   currency.
   Lagarde will take office on Nov. 1 and will serve a non-renewable term
   of eight years.

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