Germany changes position on governing council post

It was reported Tuesday 9 March that the German government had changed its position that large countries should automatically retain seats on the ECB's executive board.

Sources at the EU said on Tuesday, according to AFX Europe, that now that Europe is looking to fill the vacancy at the IMF, Germany is no longer backing Spain's contender Manuel Gonzalez-Paramo as a replacement for soon to depart ECB board member Eugene Domingo Solans.

The Belgian National Bank's Peter Praet had been the frontru

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