Italy's Panetta in ECB frame as euro zone eyes Coeure successor
Reuters
Published Sep 04, 2019 11:34AM ET
Italy's Panetta in ECB frame as euro zone eyes Coeure successor
BRUSSELS/ROME (Reuters) - Italy's Fabio Panetta is the name in the frame for the European Central Bank executive board as euro zone authorities prepare to start discussions on choosing a successor to Benoit Coeure.
Panetta, a member of the Bank of Italy more than three decades, is the only person being mentioned by officials in private discussions, sources said - nine days before the bloc's finance ministers meet to set a deadline for its governments to put forward candidates.
Coeure, who often represents the ECB at international events and on international bodies, is highly regarded by markets and fellow central bankers for his economic competence.
His term on the six-person board ends on Dec 31, and his successor will serve a non-renewable eight-year term.
Each of 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.
Euro zone finance ministers will in October recommend one candidate from those put forward, who will have a hearing in November in the European Parliament. Parliament's views are non-binding an have been ignored in the past.
EU leaders have the final say and will appoint Coeure's successor at a summit in December.
"So far there has been only one name circulating in unofficial conversations -- Fabio Panetta's," one euro zone official said. Two other officials said Rome would put him forward.
Panetta has been the senior deputy governor of Italy's central bank since May.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.