September 25, 2019 / 4:11 PM / 5 months ago

Italy's Panetta is only candidate to replace Coeure at ECB board - Centeno

BRUSSELS (Reuters) - Bank of Italy’s Deputy Governor Fabio Panetta is the only candidate to replace Benoit Coeure at the board of the European Central Bank, the head of the Eurogroup of euro zone finance ministers Mario Centeno said on Wednesday.

“I have received one name,” Centeno said in a statement. “The call for candidates closed today,” he added.

Coeure’s eight-year mandate ends on December 31. Panetta is now set to be recommended as a member of the ECB board by the 19 euro zone finance ministers in Luxembourg on Oct. 9.

He will then be formally appointed by EU leaders at a summit in December after he goes through a hearing at the European Parliament. Coeure’s successor, now almost certain to be Panetta, will take office in January.

The euro zone’s three biggest economies - Germany, France and Italy - have traditionally had one representative on the executive board, and the Italian seat falls open on Oct. 31 with the departure of ECB President Mario Draghi.

The ECB board is composed of six members, including the president. Its members prepare and attend the meetings of the Governing Council where, together with the 19 heads of central banks from member states, they decide monetary policy.

Reporting by Francesco Guarascio @fraguarascio; editing by Robin Emmott

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