Italy's Cippolone gets EU backing for ECB board seat

Euro zone finance ministers backed the nomination of Italy's Piero Cipollone to succeed Fabio Panetta on the European Central Bank's Executive Board, Eurogroup President Paschal Donohoe said on Friday.

"Today the Eurogroup supported the candidacy of Mr. Piero Cippolone, who is the Deputy Governor of the Bank of Italy, to become a member of the ECB Executive Board," Donohoe told a news conference.

The Eurogroup's backing, though a necessity, was seen as a formality as Cipollone was the only candidate after Panetta quit to become the new head of the Italian central bank.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)