German Chancellor Angela Merkel backed Mario Draghi on Wednesday to be the next European Central Bank president, clearing the way for the Italian to succeed France's Jean--Claude Trichet from November Merkel's spokesman said she stood ready to support Draghi after a source close to the matter told Reuters that Italy was expected to propose him formally at a meeting of eurozone finance ministers on Monday.
"If this candidacy is put forward, the government will support it," said German government spokesman Christoph Steegmans. No other candidate has been formally proposed for the job. Winning Merkel's support was all that stood between 63-year-old Draghi and the coveted ECB post after French President Nicolas Sarkozy threw his weight behind the Bank of Italy chief late last month. Draghi shot into pole position to succeed Trichet after the previous frontrunner, Germany's Axel Weber, said in February he was quitting as Bundesbank chief and would not seek the ECB job.
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