The Eurogroup of eurozone finance ministers has endorsed the candidacy of Spain's Economy Minister Luis de Guindos for the position of vice president of the European Central Bank, marking Spain's return to the institution's executive board for the first time since 2012.

The move comes after Ireland withdrew the candidacy of its central bank governor, Philip Lane, making De Guindos the sole candidate for the position and lining him up to replace Portugal's Vítor Constâncio from June 1.

The European Council will formally adopt the recommendation Feb. 20 and make a final decision at its meeting March 22-23.

Spain last held a top position in the ECB in 2012, when José Manuel González-Páramo was a member of the central bank's executive board.