The European Council approves Piero Cipollone's appointment to the European Central Bank's Executive Board. Cipollone succeeds Fabio Panetta, who resigned with effect from October 31, 2023, to become Governor of the Bank of Italy. Since Italy is one of the founding nations of the European Union, the appointment of a member to the ECB executive board is not a matter of right but of convention. The addition of another Italian to the ECB required the approval of the other major members, which occurred as indicated by the Council's approval. Cipollone, 61, is from Abruzzo and has been the Bank of Italy's deputy director since 2020. Hired in 1993 and spent 15 years in the Research Department. He took over the management of the Labour Market Office in 2004. From 2010 to October 2014, he was the World Bank's Executive Director, representing Italy, Albania, Greece, Malta, Portugal, San Marino, and Timor-Leste, as well as the Chairman of the Audit Committee. In November 2014, he returned to the Bank of Italy as Head of the Planning and Control Department.
|