
Bloomberg
When Christine Lagarde chairs her first meeting as European Central Bank (ECB) president in November, she might wonder which of her colleagues don’t really want her there.
As the Governing Council signed off on the decision by governments to appoint the former International Monetary Fund chief, not all of the 21 voting members backed her, according to two euro-zone central bank officials, who declined to be identified because such matters are confidential. According to one of them, the secret ballot threw up two objections and an abstention.
Lagarde can rest in the knowledge that two of her rivals for the ECB job, Bundesbank President Jens Weidmann and Bank of Finland Governor Olli Rehn, weren’t among them — because they couldn’t vote under the ECB’s streamlined decision-making system of monthly rotation. The same restriction applied to Belgian Governor Pierre Wunsch, and his Estonian counterpart, Madis Mueller.
It may also be hard to believe that current ECB chief Mario Draghi would have objected, considering his ringing endorsement of Lagarde during a conference.