According to the Il Sole 24 Ore newspaper, due to assuming the position of President of Italy on November 1st, Fabio Panetta will leave the Executive Board of the ECB, and it is claimed that former Economy Minister Daniele Franco will be nominated to replace him. If elected, Franco will serve in the position until the end of 2027.
Markets had been speculating that Piero Cipollone, Deputy Governor of the Bank of Italy, would be nominated.
The ECB Executive Board consists of 6 members, with one member each representing Germany, France, and Italy. However, the selection of Franco is not certain yet, as other ECB member countries also have the right to nominate candidates.
