Finance ministers from the 16 countries that share the euro yesterday picked Portugal's Vitor Constancio for the key job of deputy head of the European Central Bank, Eurogroup head Jean-Claude Juncker said.
Constancio, 66, will succeed Greece's Lucas Papademos in May, in a decision seen as likely to leave the field open for Bundesbank chief Axel Weber to succeed Jean-Claude Trichet as ECB president in October next year.
Former socialist lawmaker and party leader Constancio has been governor of Portugal's central bank since 2000 after a first stint at the helm between 1985 and 1986.
Convention dictates that a balance is found between northern and southern European countries when it comes to the allocation of prized top jobs in European institutions.
Germany, Europe's biggest country and most powerful economy, has been lobbying hard for Weber to take the reins after Trichet. Weber will be competing against Italian central bank chief Mario Draghi.
Constancio's selection was confirmed today during a meeting of finance ministers from all 27 nations. Leaders will then formally announce his nomination during a summit in March.
