Breaking: EU leaders nominate Christine Lagarde for European Central Bank president

• Christine Lagarde for European Central Bank president quits the International Monetary Fund.
• Draghi has been accepted as the successor.

European Union leaders have chosen Christine Lagarde for European Central Bank president and Lagarde quit the International Monetary Fund. Draghi has been accepted as the successor. There has been a package of appointments that have also included the foreign policy chief, the head of the EU parliament as well as the president of the leaders’ council.

Key Developments:

• IMF Chief Christine Lagarde chosen for European Central Bank president.
• Germany’s Ursula von der Leyen chosen for the commission presidency.
• Spain’s Josep Borrell chosen for the foreign-policy chief position.

What does this mean for the Foreign Exchange market?

More to come ...