Bini Smaghi formally proposed to ECB board

Eurozone finance ministers on Tuesday 8 March formally proposed Lorenzo Bini Smaghi, a senior Italian economics official, as the next member of the European Central Bank's executive board.

Mr Bini Smaghi, 48, who has worked previously at the ECB, as well as the Bank of Italy, is regarded as orthodox on monetary policy. He is also thought likely to support the ECB's hardline stance on reform of the stability and growth pact.

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