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Italy nominates Fabio Panetta for ECB executive board

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Italy nominates Fabio Panetta for ECB executive board

Italy has nominated Bank of Italy Director General Fabio Panetta to replace Benoit Coeure on the European Central Bank executive board, Bloomberg reported, citing a government official with knowledge of the matter.

Panetta's nomination was sent to Mario Centeno, head of the body of EU finance ministers tasked with making the decision, which is expected Oct. 10, the senior official reportedly said. Coeure's term ends Dec. 31.

Christine Lagarde will replace Mario Draghi as president of the ECB on Nov. 1.