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Fabio Panetta currently serves as senior deputy governor of the Bank of Italy.
The recommendation to the European Council, which is composed of the heads of state and government, should be formally adopted by the Council on 10 October. The European Council will then consult the European Parliament and the Governing Council of the ECB and is expected to adopt its final decision by the end of the year.
The new member of the executive board will replace Benoît Cœuré, whose mandate ends on 31 December 2019, and who served a non-renewable 8-year term.