Euro ministers pick Dutchman Frank Elderson for ECB board job

BRUSSELS (Reuters) - Euro zone finance ministers, called the Eurogroup, choose Dutchman Frank Elderson of to be the successor to Yves Mersch at the executive board of the European Central Bank when Mersch’s term ends in December, the chairman of the ministers said.

“The Eurogroup supports the candidacy of Frank Elderson for the position of new member of the ECB’s executive board,” Eurogroup President Paschal Donohoe said on Twitter.

Elderson, 50, is currently Executive Board Member of the Dutch central bank and has been an Executive Director of Supervision at bank since 1 July 2011.

He is responsible for supervision of banks, a portfolio he would have to deal with as Mersch’s successor. He was competing with Bostjan Jazbec, a former Slovenian central bank governor and a member of the Single Resolution Board.

The finance ministers’ recommendation will now go to EU leaders who, after consulting the European Parliament and the ECB itself, will make the final decision in December.

Elderson’s new job at the ECB will be a non-renewable 8-year term.

Reporting by Jan Strupczewski