The decision on appointments to the executive board of the European Central Bank is taken by common accord of Heads of State or Government of euro area member states, on the basis of a recommendation of the ECOFIN Council. The European Parliament and the European Central Bank have to be consulted beforehand on the recommended candidate prior to the final decision by the Heads of State or Government.
Candidates for the executive board must be persons of recognised standing and professional experience in monetary or banking matters and nationals of member states. On this occasion there were three candidates nominated for consideration by the ECOFIN Council. Following consideration of the candidates, the Council reached a consensus on the person to be recommended, which was Mr. González-Páramo, a Spanish national.
The procedures leading to Mr. González-Páramo's appointment have now been completed and he will take up his post with effect from 1 June 2004, for an eight year term of office.