The Eurogroup today gave its support to the candidacy of Piero Cipollone to become the new member of the European Central Bank’s Executive Board.
Piero Cipollone is currently the Deputy Governor of the Bank of Italy.
The Council is expected to formally adopt its recommendation to the European Council, composed of the heads of state and government, by the end of this month. The European Council will then consult the European Parliament and the Governing Council of the ECB before adopting its final decision.
The new member of the executive board will succeed Fabio Panetta, who will resign from his position as of 1 November 2023, and will serve a non-renewable 8-year term.
Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB Executive Board are made “by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank.”
The ECB executive board is responsible for the implementation of euro area monetary policy, as laid down by the ECB Governing Council. It is composed of the President, the Vice President and four other members, all appointed for a non-renewable 8-year term. The Governing Council is composed of six executive board members and the governors of national central banks of the euro area member states.