Italy nominates candidate for ECB board

Italy nominated Lorenzo Bini Smaghi, a senior finance official in Rome, as candidate for the European Central Bank's executive board this week.

If his nomination is approved, Mr Bini Smaghi would replace compatriot Tommaso Padoa-Schioppa, whose mandate expires at the end of May.

The nomination was unexpectedly delayed because two leading nominees have turned the post down, Handelsblatt reported.

The German financial daily reported that sources close to the matter said the Italian government's tw

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