Draghi secures German backing for ECB presidency

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German chancellor, Angela Merkel has given her support for Mario Draghi, governor of the Italian central bank, to become the next president of the European Central Bank.

"Germany could support his candidacy for the job of ECB president," she said in an interview with the weekly newspaper Die Zeit, published on Wednesday.

Merkel's approval was seen as the last vital requirement for Draghi's nomination, which is now likely to happen at next week's meeting of European Union finance ministers.

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