20.02.201807:35:00UTC+00Eurogroup Backs Spain's De Guindos As ECB's Vice President

The Eurogroup decided to give support to the candidacy of Spain's Luis de Guindos for the position of the Vice President of the European Central Bank.

The 58-year old Spain's outgoing Economy Minister has also held prominent positions in the banking sector.

de Guindos will replace Portugal's V?tor Constancio in June to serve a non-renewable 8-year term.

The appointment of the new vice president comes when the ECB is preparing to start unwinding its monetary stimulus. ECB President Mario Draghi's term will end by late 2019.