ZAGREB, 20 Jan (Hina) - Croatian National Bank (HNB) Governor, Boris Vujčić, received the backing of euro area finance ministers for the position of the Vice-President of the European Central Bank (ECB), with the remaining steps towards formal confirmation regarded as a formality.

Vujčić secured support at a meeting of the finance ministers of the 21 eurozone member states.

What remains is for the finance ministers of all 27 EU member states to submit a recommendation to the European Council, which formally takes the final decision.

Six candidates competed for the position of the Vice-President of the European Central Bank, who will replace Spain’s Luis de Guindos, whose term of office expires in May.

The decision on the ECB Vice-President is taken by reinforced qualified majority, requiring the agreement of 72% of euro area member states – that is, at least 16 of the 21 members representing at least 65% of the euro area population.

Before the European Council’s final decision, consultations must be held with the European Central Bank (ECB) and the European Parliament.

The ECB’s Executive Board consists of the President, the Vice-President and four other members appointed by the European Council. All members must be nationals of a eurozone member state with recognised standing and professional experience in the monetary or banking field, and are appointed for a non-renewable term of eight years.

In addition to Vujčić, the candidates were Mario Centeno (Portugal), Mārtiņš Kazāks (Latvia), Madis Müller (Estonia), Olli Rehn (Finland) and Rimantas Šadžius (Lithuania).