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Cœuré will also continue to oversee the ECB’s link to the financial markets, the Directorate General for Market Operations.
The reworking of the six-person Executive Board was prompted by the resignation in December of Germany’s Jörg Asmussen, who was the ECB’s chief negotiator in Brussels deal-making over the region’s debt crisis. The currency bloc’s financial rebuilding will see the ECB take over supervision of the eurozone’s 130 largest banks in November, a task likely to be jointly led by Asmussen’s replacement, Sabine Lautenschläger, and Danièle Nouy, the chair of the Supervisory Board.
Yves Mersch, who joined the ECB board in 2012, adds legal services to his duties, as well as payments and market infrastructure. Legal services for the Single Supervisory Mechanism will be led by Lautenschläger, in line with the ECB’s commitment to keep monetary policy and supervision separate.
Belgium’s Peter Praet remains the ECB’s de facto chief economist, in charge of the Directorate General for Economics, while handing responsibility for the statistics arm to Lautenschlaeger.
Vice President Vítor Constâncio, who has played a leading role in the negotiations over Banking Union, takes control of a newly-defined portfolio for macro-prudential policy and financial stability.
Further reporting © Bloomberg