Benoît Coeuré appointed to executive board of ECB

The European Council has adopted a decision appointing Benoît Coeuré (France) to the executive board of the European Central Bank (ECB) for a term of eight years.

Coeuré’s terms will start on January 1 2012. He will leave his post at the French treasury where he was deputy director-general from 2009 in order to join the ECB.

He will succeed Lorenzo Bini Smaghi (Italy), who announced his resignation In November.

Smaghi was under pressure to exit the ECB before his term ended in May 2013 to make room for a French board member as the former ECB president, Jean Claude Trichet (France), had retired in October.

The executive board of the ECB is responsible for implementation of monetary policy for the euro area, as laid down by the governing council.

It is composed of the president, a vice-president and four other members, all nominated for non-renewable terms of eight years.

The governing council is composed of the six members of the executive board and the governors of the national central banks of the member states of the euro area.

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