Stark to remain on ECB executive board until January

The European Council on Sunday formally adopted a decision to appoint Jörg Asmussen to the European Central Bank's (ECB) executive board.

He will begin his eight-year term on January 1, 2012, succeeding fellow German national, Jürgen Stark, who announced his resignation on September 9.

Asmussen is currently a deputy finance minister in the German government.
"Stark has agreed to remain in function until his successor takes up his responsibilities," said the Council in a statement on the decision.

Stark, who is leaving well ahead of the scheduled end to his term in May 2014, handed in his notice officially for "personal reasons", although it is widely thought he opposed the ECB's government bond purchases.

The executive board of the ECB is responsible for the implementation of monetary policy for the eurozone, as laid down by the governing council. It is composed of the president, a vice-president and four other members, all nominated for non-renewable terms of eight years. The governing council is composed of the six members of the executive board and the governors of the national central banks of the member states of the eurozone.