Croatian National Bank Governor Boris Vujčić has received the support of eurozone finance ministers for the position of Vice-President of the European Central Bank, and the steps leading up to formal confirmation are considered a formality. Apart from Vujčić, the candidates were Mario Centeno (Portugal), Martinš Kazaks (Latvia), Madis Mueller (Estonia), Olli Rehn (Finland) and Rimantas Šadžius (Lithuania).
Vujčić received the support at a meeting of finance ministers of the 21 eurozone member states, and now all that remains is for the finance ministers of all 27 countries to submit a recommendation to the European Council, which will formally make the final decision. Six candidates competed for the position of Vice-President of the European Central Bank, who will replace Spaniard Luis de Guindos, whose term expires in May.
The Vice-President of the ECB is decided by a reinforced qualified majority, which requires the consent of 72 percent of eurozone member states, or at least 16 of the 21 member states where at least 65 percent of the eurozone population lives.
Before the final decision of the European Council, consultations must be held with the European Central Bank (ECB) and the European Parliament.
The Executive Board of the ECB consists of the President, the Vice-President and four other members appointed by the European Council. All members must be citizens of a member state of the euro area with reputation and professional experience in the monetary or banking field, and they are appointed for a non-renewable mandate of eight years.