People: Frank Smets to head ECB economics department; new Chilean board member

The ECB's Frankfurt headquarters

Frankfurt: The European Central Bank's executive board has chosen Frank Smets to take over as director-general, economics.

Smets, who has worked at the ECB for 18 years, currently serves as counsellor to the president and co-ordinator of the counsel to the executive board. He will take up the new appointment on February 1, replacing Wolfgang Schill, who is retiring after 12 years in the role.

Frank Smets

Smets holds a PhD in economics from Yale University and worked at the Bank for International