Mario Draghi has officially stepped down as head of the European Central Bank at a farewell event in Frankfurt. Christine Lagarde takes over on November 1.
The European Central Bank's first female president inherits an almost empty toolbox from her predecessor — at a time when persistently low inflation and weak growth are showing the limits of monetary policy.
The European Central Bank's new president has urged European countries to invest and innovate as concerns of an economic slowdown intensify. She warned that export growth could no longer be relied upon to boost growth.
Political leaders have wished incoming ECB chief Christine Lagarde a good start as the new guardian of the euro. They also thanked Mario Draghi for protecting the currency during the global financial crisis.
The European Central Bank has left its benchmark refinancing rate on hold at a historic low of 0%. The move comes days before chief Mario Draghi is expected to step down.
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