27/09/23 (Agence Europe) – The Governing Council of the European Central Bank announced, on Wednesday 27 September, that it had adopted an opinion on the recommendation of the Council of the European Union (see EUROPE 13251/30) not opposing the appointment of Italian Piero Cipollone as a member of the ECB’s Executive Board to replace his compatriot Fabio Panetta, who will become Governor of the Bank of Italy (see EUROPE 13239/18) and Chair the Committee on Payments and Market Infrastructures of the Bank for International Settlements (see EUROPE 13248/31). The ECB states that Mr Cipollone, currently deputy governor of the Bank of Italy, has the necessary monetary and banking qualifications, in accordance with Article 283(2) of the Treaty on the Functioning of the EU. After receiving the opinion of the European Parliament, it will be up to the European Council to formalise this appointment for a non-renewable eight-year term. (EV)