MNI BRIEF: Italy's Cipollone Only Candidate for ECB Board Spot
Bank of Italy deputy governor in pole place to replace Fabio Panetta on executive board.
Italy is the only country to have put forward a candidate for the vacancy on the ECB’s Executive Board left by the departure of Fabio Panetta, Eurogroup President Paschal Donohoe said Wednesday.
The candidate is Bank of Italy Deputy Governor Piero Cipollone and his application will be discussed at the next meeting of Euro Area finance ministers on September 15. Cipollone’s nomination will have to be approved by a qualified majority of EA states, meaning 15 out of the 20 member states, representing at least 65% of the zone’s population.
The ECB and European Parliament will be consulted before a final decision is taken on the appointment by EU leaders. Panetta will step down from the ECB board on November 1 to take up the role of Governor of the Bank of Italy.