New ECB President Draghi has German instincts

German Chancellor Angela Merkel on Wednesday endorsed the nomination of the Italian Mario Draghi as new President of the European Central Bank (ECB). A clever move, writes the conservative daily Lidové noviny: "True, the Germans would have preferred to replace the Frenchman Trichet with their own candidate. But Axel Weber, the former president of the Bundesbank who had long been seen as a favourite, threw in the towel himself in February when he realised that his opinions would never allow him to gain a majority of support. That led Germany to look for a president with German ideas but without a German passport. Mario Draghi has German instincts, backs strict monetary policy and low inflation. That will work to his advantage in the difficult times that lie ahead for the ECB. ... Creating a harmonisation in the Eurozone that makes everyone happy is not on the cards. Any decision will hurt someone. Just not Germany."

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