Stark formally nominated for ECB job

Austrian finance minister Karl-Heinz Grasser said EU finance ministers formally nominated Bundesbank vice-president Juergen Stark as Otmar Issing's successor at the European Central Bank.

Grasser said Stark is an 'excellent candidate' to replace Issing, who is currently the ECB's chief economist and will step down on May 31.

The nomination will go before the EU summit in March for final approval.

As an architect of the euro's fiscal and monetary rules, Stark ``is the right man at the right pla

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