Fund managers and City commentators offered a broad welcome to news that EU governments have nominated Christine Lagarde, the head of the International Monetary Fund, as the next president of the European Central Bank, reasoning that her political background will offset her lack of monetary-policy experience.

Lagarde, who will be adding yet another “first woman to hold the position of” item to her CV, is set to take over from Mario Draghi in October, if approved by the EU Parliament.