THE small team of bankers which will run the new European Central Bank in Frankfurt is set to be formally appointed next week after winning the endorsement of the European Parliament in Strasbourg yesterday, writes Rory Watson.
MEPs overwhelmingly supported the decision by EU leaders to entrust the handling of the single currency to Dutch banker Wim Duisenberg and his five-strong executive board.
Although the compromise deal, which may see Duisenberg retire before the end of his eight-year term, was widely condemned by MEPs, there was never any suggestion that the Parliament would consider rejecting the six nominations.
But Euro MPs delivered a strong political message to the new ECB President by agreeing that he should not stand down from the bank at the same time as his vice-president, Frenchman Christian Noyer, who will only serve a four-year term.
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