Piero Cipollone, deputy governor of the Bank of Italy, ready to leave Rome for Frankfurt, heading the European Central Bank. He is the candidate to take the place of Fabio Panetta, member of the executive committee of the ECB who will leave his post and office on November 1 to take over the reins of Bank of Italy. A time of changes in Palazzo Koch, which, barring sensational twists and turns, now seem to have been accomplished.
The deadline for nominations closed today, and “Italy is the only country to have proposed a candidate” for the post that Panetta will leave vacant shortly, Pascal Donohoe, president of the Eurogroup, said. Only one candidate, as is the practice whereby all the member states are represented on the Eurotower board. It was therefore up to the government in Rome to indicate the new Italian representative, and the landing of Piero Cipollone within the ECB therefore appears to be a formality.
The Eurogroup will discuss Cipollone’s candidacy immediately, at the next meeting scheduled for 15 September. A recommendation to the European Council should arrive from the meeting of economic ministers of the euro area. For the go-ahead, a strengthened qualified majority of the member states is needed, i.e. the “yes” of 72% of the EU countries with the single currency, i.e. at least 15 in favor out of 20, which represent at least 65% of the population of the euro area. The ECB and the European Parliament will be consulted before the European Council adopts a final decision, in line with the procedures and rules established by the treaties, assures the president of the Eurogroup. In the event of the green light, Cipollone will remain in office until November 1, 2031. Each member of the Executive Committee is appointed for a non-renewable term of eight years.
Piero Cipollone, 61, has been a member of the Executive Board and Deputy Director General of the Bank of Italy since 1 January 2020. In this capacity, he is also a member of the Integrated Executive Board of the Insurance Supervision Institute (IVASS).