The term of the European Central Bank’s executive board member, Yves Mersch, will end on 14 December 2020. The European Council will appoint a new member on a recommendation from the Council and after having consulted the European Parliament and the ECB.

At the Eurogroup meeting of 11 September, I asked euro area members to put forward candidates for Mr Mersch’s replacement. The call for candidates ended today and I received the following applications:

• the Netherlands proposed Frank Elderson, Executive Director of Supervision of the Netherlands Bank.
• Slovenia proposed Boštjan Jazbec, Director of Resolution Planning and Decisions, at the Single Resolution Board

At its next meeting on 5 October, the Eurogroup will discuss these applications with a view to supporting one candidate.

The Council will then adopt a recommendation to the European Council, acting by reinforced qualified majority of euro-area members. Such majority requires the support of 72% of euro area member states (i.e. at least 14 out of the 19), representing at least 65% of the population of the euro area.

The European Council is expected to take a final decision by the end of the year.