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France's Coeure backed by EU as ECB executive board member


13:20, December 01, 2011

BRUSSELS, Nov. 30 (Xinhua) -- Benoit Coeure, a French senior treasury official, was endorsed by finance ministers of the European Union (EU) on Wednesday to join the executive board of the European Central Bank (ECB).

"The European Council today adopted a recommendation on the nomination of Benoit Coeure to the executive board of the ECB for a term of eight years as of Jan. 1, 2012," the council said in a statement released after EU finance ministers' meeting.

The recommendation will be submitted to European heads of states and government for a final decision, after consulting the European Parliament and the ECB's governing council, according to the statement.

The ECB executive board is responsible for implementation of monetary policy for the euro area, as laid down by the governing council. It is composed of the president, a vice-president and four other members, all nominated for a non-renewable term of eight years.

If appointed, Coeure will succeed Lorenzo Bini Smaghi of Italy, who has announced his resignation, as the only French member of the six-person executive board, after Italy's Mario Draghi replaced Frenchman Jean-Claude Trichet on Nov. 1 as president of the ECB.


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