EU appoints Draghi as the next President of the ECB

7:12 PM appoints, Draghi, President No Comments

Brussels - the heads of State and Government of the European Union appointed Mario Draghi, Italy as the next President of the European Central Bank on Friday - a move that investors are which will lead necessary security through the establishment in its crucial role in combating the crippling debt crisis.

The time of the appointment of Draghi had come under doubt, like other Italian Board Member Lorenzo Bini Smaghi to had Friday refused to leave his post.

With Bini Smaghi will stay on the executive board France would have no representatives on the Board six people as soon as current ECB chief Jean-Claude Trichet on Oct. 31 runs. The French had previously implied that they would support only Draghi, takes a Frenchman or a wife Bini Smaghi on the ground.

Scenes from the 2011 Paris air show the show has 140 aircraft and host more than 300,000 people during the June 20-26. Play with new interest in aerodynamics, automakers angle life Inc.: I'll marry you... If you get a job captured cities in the NFL Union Kampf life Inc.: daily deals not always a good deal for business

However, a European official said Friday that Bini Smaghi agreed step down now until the end of the year. The official has been provided talk of anonymity because the move had not officially yet announced.

The European Parliament and the ECB Board had already been approve their Draghi of the appointment.

His appointment to delay until their next Summit would have underscored divisions among EU leaders in September, who has already fought, Greece to a common line on debt-ridden and pressed with the financial crisis, also Ireland and Portugal, in that to find massive bailouts.

The ECB has a central role is played during the debt crisis which has afflicted in the last 17-country euro area 18 months or so. Trichet criticism by some, for example, overrode the more hawkish officials at the Bank, if he multibillion euro (dollar) bond buying program designed to facilitate the pressure on the more indebted countries backed up.

Recently, the ECB was located in the difficult position of raising interest rates to a lid on target to keep inflation, although the weaker economies of the euro area remain weak.

The decision on Draghi was expecting a day after EU leaders nor gave their clearest signs that Greece is a second rescue operation in the coming weeks over last year €110 billion ($156 billion) receive.

"We were agreed, that it a new program for Greece," German Chancellor Angela Merkel said.

The stronger language on aid for Greece was also possible after debt inspectors from the EU and a final agreement reached on Thursday with the Government in Athens to € 28 billion worth of new austerity measures the International Monetary Fund.

The measures have to be released next week for the bailout Fund by the Greek Parliament will pass. If the legislature, not the package again, the Greece probably staring a default on its debt.

Even if there is a second rescue mission, many economists think that Greece restructuring will have its debts in some shape or form in the coming years, in particular, if the economy shrinks further.

© 2011 The associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.