February 4, 2014 / 4:46 PM / 4 years ago

Coeure gets key portfolios in ECB board reshuffle

FRANKFURT, Feb 4 (Reuters) - Frenchman Benoit Coeure will become the European Central Bank’s top negotiator in Brussels, taking the key portfolios in a board reshuffle following Joerg Asmussen’s departure, the ECB said on Tuesday.

Asmussen left the ECB executive board in January to rejoin the German government two years into his eight year term, during which he acted as a so-called foreign minister for the ECB and helped negotiate crucial elements of the banking union.

ECB President Mario Draghi decided to hand the high-profile international portfolio to Coeure, who will also remain in charge of market operations.

Sabine Lautenschlaeger, who left her job as vice president at Germany’s Bundesbank to numerically replace Asmussen on the ECB board, is set to become No. 2 at the new European banking watchdog, the Single Supervisory Mechanism (SSM).

Peter Praet remains head of the powerful economics portfolio and as such will continue to propose an interest rate decision at the beginning of each month’s policy meeting.

ECB Vice President Vitor Constancio, who had been tasked with setting up the SSM together with Yves Mersch, holds on to the financial stability tasks.

Reporting by Eva Taylor; Editing by Paul Carrel

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