Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has been nominated as the President of the European Central Bank.As part of talks to decide on a slate of top jobs in the European Union, officials said member states decided to back Ms Lagards to succeed Mario Draghi, whose term ends on Oct. 31, 2019. European Council President Donald Tusk tweeted, “The European Council nominates Christine Lagarde as candidate for President of the European Central Bank.” In a short statement, Madam Lagarde said, “I am honoured to have been nominated for the Presidency of the European Central Bank. In light of this, and in consultation with the Ethics Committee of the IMF Executive Board, I have decided to temporarily relinquish my responsibilities as Managing Director of the IMF during the nomination period.The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, which comprises 19 member states of the European Union and is one of the largest monetary areas in the world. Established by the Treaty of Amsterdam, the ECB is one of the world's most important central banks and serves as one of seven institutions of the European Union, being enshrined in the Treaty on European Union (TEU).