ECB proposes to extend Frank Elderson’s term as vice-chair of supervisory board

The Governing Council of the European Central Bank (ECB) has proposed to extend the term of ECB Executive Board member Frank Elderson as Vice-Chair of the ECB’s Supervisory Board. The extension is in accordance with ECB Rules of Procedure and cannot exceed the end of his eight-year mandate as an ECB Executive Board member.

The ECB has informed the Chair of the European Parliament’s Committee on Economic and Monetary Affairs (ECON), Aurore Lalucq, and the President of the Economic and Financial Affairs Council, Stephanie Lose, as well as the Danish Minister of Finance. Mr. Elderson will participate in a hearing before the ECON Committee on a date to be confirmed.

According to Article 26(3) of the Single Supervisory Mechanism (SSM) Regulation, the extension requires approval from the European Parliament. After approval, the Council will adopt an implementing decision to extend his term. The Vice-Chair must be a member of the ECB’s Executive Board, which Mr. Elderson has been since December 2020 and was appointed Vice-Chair in February 2021.