Spain's Paramo gets ECB green light

Eurozone finance ministers decided on Thursday March 25 to propose Spain's Jose Manuel Gonzalez-Paramo to the European Central Bank's Executive Board.

Ministers voted in a secret ballot under "Qualified Majority Voting" (QMV) rules, whereby the large states have more votes. Hence, Spain's Gonzalez-Paramo won the day.

Of the 12 eurozone finance ministers, six voted for Paramo and six voted for Belgian National Bank director Peter Praet, in a vote which pitted the eurozone's large states against