European Central Bank President, Juan Claude Trichet term will end this year, while political tension line up to name candidates to replace the ECB's president. German Chancellor back Bundesbank president Axel Weber for the post, while Italy's Prime Minister Silvio Berlusconi said he'd be honored if Italy's central bank governor Mario Draghi was chosen.

EU leaders negotiated for the top ECB post talking over ways to resolve the sovereign debt crisis as a successful; Weber's candidacy could assist Merkel as she faces backing EU efforts regarding the bailout program for the struggling European nations and a controversial policy. Meanwhile, ECB revisited inflation and thereby signaling a possible hike in interest rates to combat it, specifically following the eurozone's consumer prices breaching bank limits for the first time in over two years.