EU Lawmakers Approve Vitor Constancio As ECB Vice President

BRUSSELS (MNI) – Portugal’s Vitor Constancio moved one step closer
to clinching the European Central Bank’s Vice Presidency Tuesday as
lawmakers in the European Parliament’s monetary committee approved his
candidacy.

Constancio, who is a member of the European Central Bank’s
Governing Council and head of the Portuguese central bank, was nominated
by Eurozone finance ministers last month to take over from current Vice
President Lucas Papademos when his term ends at the end of May this
year.

“Members of the committee decided overwhelmingly to approve the
nomination of Mr. Constancio to the post of ECB Vice President,” the
lawmakers said in a statement. “The recommendation of approval will be
passed to the plenary where a vote will be taken this Thursday.”

Parliament’s approval is the penultimate step in the process, with
the Constancio now requiring endorsement of the EU’s heads of state and
government before he takes up the position June 1.

–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com

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