Germany’s Jörg Asmussen has been appointed as member of the European Central Bank (ECB) executive board, Mondo Visione reports. The European Council adopted a decision to appoint the German deputy finance minister on Sunday.

Asmussen will be succeeding Jürgen Stark, who quit in September. Stark will continue to serve the bank till Asmussen assumes his responsibilities. He will serve the bank for a period of eight years effective early next year.

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