Euro area Finance Ministers on Monday 5 October supported the candidacy of the Netherlands Frank Elderson for the post of member of the Executive Board of the European Central Bank (ECB), a post which Luxembourg’s Yves Mersch will leave in mid-December.
Currently Executive Director at the Bank of the Netherlands, Mr Elderson was competing with Slovenia’s Boštjan Jazbec, Director at the Single Resolution Board, the European authority responsible for the resolution of large banking groups in difficulty within the banking union.
The Ecofin Council will adopt a specific recommendation by written procedure on Tuesday. In accordance with Article 283(2) of the Treaty on the Functioning of the EU, the European Council will then be invited to validate this recommendation by an enhanced qualified majority of the euro area countries (14 countries representing 65% of the population), probably in mid-October.
The European Parliament is only consulted in this procedure. The Renew Europe and S&D groups have already expressed their dissatisfaction with the lack of parity in the applications.
The Executive Board of the ECB is composed of the President and the Vice-President of the Frankfurt Monetary Institute and four other members, each with an eight year term. (Original version in French by Mathieu Bion)