Good Wednesday. (Want this by email? Sign up here.)

Christine Lagarde will lead the E.C.B.

European officials nominated Ms. Lagarde, the International Monetary Fund’s current leader, to succeed Mario Draghi as president of the European Central Bank, Matina Stevis-Gridneff of the NYT reports.

Ms. Lagarde will be the first non-economist to hold the post, and the first woman, too. She worked as a prominent corporate lawyer (eventually becoming chairwoman of the law firm Baker & McKenzie); held several cabinet positions in the French government; and since 2011 has been the managing director of the I.M.F., where she is credited with having restored the organization’s profile.

“She is widely regarded as a tough and energetic negotiator, qualities she will need to coordinate monetary policy and major economic decisions for the 19 nations, encompassing about 340 million people, who use the euro,” Ms. Stevis-Gridneff writes.

Her lack of formal economics training wasn’t a problem at the I.M.F. But “the job of E.C.B. president is inherently a policymaking role,” Ben Hall of the FT writes, and “she will have to go toe-to-toe with other governing council members who have different views on monetary policy.”