The European Council Thursday adopted a decision appointing Yves Mersch to the executive board of the European Central Bank for a term of eight years as from 15 December.
He will succeed José Manuel González-Páramo, who completed his term of office on 31 May.
Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB executive board are made “by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank.”
The ECB executive board is responsible for implementation of eurozone monetary policy, as laid down by the ECB governing council. It is composed of the President, the vice- president and four other members, all appointed for non-renewable eight-year terms.
The governing council is composed of the six executive board members and the governors of the national central banks of the eurozone member states.