PURPOSE: to appoint the President of the European Central Bank.

NON-LEGISLATIVE ACT: European Council Decision 2011/386/EU appointing the President of the European Central Bank.

CONTENT: the term of office of the President of the European Central Bank, Mr Jean-Claude TRICHET, appointed by Decision of 16 October 2003, expires on 31 October 2011 and it is therefore necessary to appoint a new President of the European Central Bank.

The European Council wishes to appoint Mr Mario DRAGHI who, in its view, meets all the requirements set out in Article 283(2) of the Treaty.

Mr Mario DRAGHI is hereby appointed President of the European Central Bank for a term of office of 8 years as from 1 November 2011.

ENTRY INTO FORCE: 24/06/2011.

Following the hearing held on 14 June 2011, in which Mario DRAGHI (IT) made an opening statement and then responded to questions from the members of the Economic and Monetary Affairs Committee, the European Parliament adopted, in a secret ballot, by 499 votes to 72, with 89 abstentions, a decision delivering a favourable opinion on the Council recommendation to appoint Mario Draghi as President of the European Central Bank.

The Committee on Economic and Monetary Affairs adopted the report drafted by Sharon BOWLES (ADLE, UK) in which it calls on the European Parliament to deliver a favourable opinion on the Council recommendation to appoint Mario DRAGHI (IT) as President of the European Central Bank for a term of office of eight years with effect from 1 November 2011.

To recall, the committee evaluated the credentials of the nominee, in particular in view of the requirements laid down in the second subparagraph of Article 283(2) of the Treaty on the Functioning of the European Union (TFEU) and in the light of the need for full independence of the European Central Bank.

The committee subsequently held a two-and-a-half-hour hearing with the nominee on 14 June 2011, at which he made an opening statement and then responded to questions from the members of the committee.

Following the hearing, Members delivered a favourable opinion on the appointment of Mario Draghi.

The Council submitted to the European Council, in accordance with Article 283 TFEU, a recommendation on the appointment of Mr Mario DRAGHI as President of the European Central Bank for a term of office of eight years with effect from 1 November 2011.

By letter of 20 May 2011, the European Council consulted the European Parliament on this recommendation, in accordance with the second subparagraph of Article 283 (2) TFEU. It also consulted the Governing Council of the European Central Bank.

The Council submitted to the European Council, in accordance with Article 283 TFEU, a recommendation on the appointment of Mr Mario DRAGHI as President of the European Central Bank for a term of office of eight years with effect from 1 November 2011.

By letter of 20 May 2011, the European Council consulted the European Parliament on this recommendation, in accordance with the second subparagraph of Article 283 (2) TFEU. It also consulted the Governing Council of the European Central Bank.