Brussels, 19/01/2005 (Agence Europe) - On the fringes of the ECOFIN Council on Tuesday, Italian finance minister Domenico Siniscalco said the Italian government would soon be sending a letter to the European Central Bank's Executive Council concerning Tommaso Padoa-Schioppa's replacement. Press reports suggest Italy will plump for Lorenzo Bini-Smaghi, head of International Affairs at the Italian economics ministry. Padoa-Schioppa's term of office ends at the end of May. In theory, nationality does not govern the selection of members of the 6-man Executive Board but Italy is keen to continue to be represented. (Spain did the same last year.)
Current members of the Executive Board: ECB President Jean-Claude Trichet (France), ECB Vice-President Lucas D. Papademos (Greece), Jose Manuel Gonzalez Paramo (Spain), Gertrude Tumpell-Gugerell (Austria), Otmar Issing (Germany) whose term of office ends in 2006, and Tommaso Padoa-Schioppa (Italy).