Statement by the Eurogroup President on the candidates for the post of ECB executive board member - EU monitor

EU monitor
Zaterdag 14 december 2019
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Met dank overgenomen van Eurogroep†i, gepubliceerd op woensdag 25 september 2019.

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At the 13 September Eurogroup†i, I asked euro area members to put forward candidates to succeed European Central Bank Executive Board member Benoit Coeurť, whose term ends on 31 December 2019. The call for candidates closed today.

I have received one name. Italy proposed Fabio Panetta, senior deputy governor of the Bank of Italy.

I look forward to our discussion at the next Eurogroup on 9 October, which will pave the way for a Council recommendation to the European Council. In line with the selection process established in the EU†i Treaty, the ECB and the European Parliament will be consulted before a final decision is taken by the European Council.

Background on process

The Eurogroup meeting of 9 October will consider and discuss the application. On the following day, the Ecofin Council is expected to adopt a recommendation to the European Council by reinforced qualified majority voting of the euro area member states.

Such majority requires 72% of euro area member states in favour (i.e., at least 14 out of the 19), representing at least 65% of the population of the euro area.

The European Council is expected to take a final decision, after having consulted the ECB and European Parliament by the end of the year.