France has a right to claim a seat on the ECB executive Board once Draghi is appointed, a French minister says via Reuters.
While that has bee the convention during the 12 years of the ECB, it is not codified in the treaty. The ECB is digging in on this matter, saying Italy’s Bini-Smaghi will serve his full 8-year term.
Berlusconi can appoint Bini-Smaghi as the head of the Bank of Italy and end the debate but apparently he he has others in mind for that post…