Jean-Claude Trichet’s term as ECB president expires on October 31, 2011. Mario Draghi, former managing director of Goldman Sachs International and current head of Bank of Italy will take over from Trichet.

Via Google Translate, please consider The European finance ministers on Monday elected as president of the ECB Draghi

Economic ministers of the eurozone on Monday to elect the current governor of the Bank of Italy, Mario Draghi as the new chairman of the Central Bank (ECB) to replace Jean-Claude Trichet when his term expires on October 31, 2011, as have European sources reported.

Draghi formal appointment will be made at the summit of European leaders held on 23 and 24 June after consulting the European Parliament.

German Chancellor Angela Merkel, has sought alternatives to the last moment for fear that their voters will not accept a candidate from Italy, where inflation seen at the head of the European monetary authority.

But French President Nicolas Sarkozy, chose to support the election for the first time publicly Draghi on 26 April, after the Italian gave a series of interviews in various media in Europe displaying their anti-inflation credentials. Merkel cedió y dijo el pasado 11 de mayo que respaldará al italiano por considerarlo “muy cercano a nuestras ideas de estabilidad y solidez de la política económica”. Merkel relented and said May 11 that Italy’s support for being “very close to our ideas of stability and soundness of economic policy.”

For those who can read Spanish, here is the original link: Los ministros de Economía europeos elegirán este lunes a Draghi como presidente del BCE

All we need now to complete the picture is for an ex-Goldman employee to run for president of the United States and for another ex-Goldman employee to replace Bernanke at the Fed.

Mike “Mish” Shedlock
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