Piero Cipollone, who’s nominated to join the European Central Bank’s Executive Board, cleared a key hurdle in the process by winning the backing of lawmakers in the European Parliament.
The assembly’s Committee on Economic and Monetary Affairs on Monday voted to support the candidacy of the Bank of Italy official, who’s running without a competitor to replace Fabio Panetta.
Cipollone is set to fill the post on the ECB decision-making body when Panetta returns to Rome to head the Bank of Italy from November. His appointment must still be confirmed by the parliament’s full plenary and by European governments.
Earlier in the day, Cipollone — the current deputy governor of Italy’s central bank — fielded questions from lawmakers on issues including monetary policy, the digital euro and public spending. He’s also answered a lengthy questionnaire, in which he backed current ECB policies.
“I concur with the Governing Council’s assessment that the ECB’s policy rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to its target,” he wrote. “I also very much welcome the emphasis given to the data dependent approach.”