The Bank of Italy’s Governor Mario Draghi has recently been appointed President of the European Central Bank. The decision was made during the recent summit of EU leaders. Mario Draghi will succeed the current President of the ECB Jean-Claude Trichet (who will stay in office until October 31st) without delay, taking into account the eurozone’s debt problem.
The President of France Nicolas Sarkozy tried to prevent it. He demanded guarantees, offering another Italian representative Lorenzo Bini Smaghi to leave the ECB’s executive board. However, the other EU leaders rejected his offer. However, Bini Smaghi is believed to step down this autumn.
Mario Draghi, who holds a Ph. D. in economics from the Massachusetts Institute of Technology, was the only candidate. Prior to becoming the Bank of Italy’s President he was the Vice Chairman and Managing Director of Goldman Sachs International.
FOREX.
EURUSD is forming a retracement wave of H2 inside a bigger-scale retracement (H8). The experts from the Department of Masterforex-V trading system say the price is forming wave a(C ) or C H2. Once it breaks below the support at 1,4072, a bearish FZR H8 will be formed and the downswing will be continued.
A rally along the major (long-term) uptrend will be possible only if the price breaks above the MF pivot and sloping channel (as shown below):
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