The ECB Governing Council has proposed extending Frank Elderson’s term as Vice-Chair of the Supervisory Board until the end of his ECB Executive Board mandate, pending European Parliament approval.
The Governing Council of the European Central Bank (ECB) has proposed to extend the term of ECB Executive Board member Frank Elderson as Vice-Chair of the ECB’s Supervisory Board. The extension aligns with ECB Rules of Procedure, which allow for such an extension but not beyond the end of the eight-year mandate as an ECB Executive Board member.
The ECB has informed the Chair of the European Parliament’s Committee on Economic and Monetary Affairs (ECON), Aurore Lalucq, and the President of the Economic and Financial Affairs Council, Stephanie Lose, as well as the Danish Minister of Finance. Mr. Elderson will participate in a hearing before the ECON Committee on a date to be confirmed.
According to Article 26(3) of the Single Supervisory Mechanism (SSM) Regulation, the extension requires approval from the European Parliament. After approval, the Council will adopt an implementing decision to extend the Vice-Chair’s term. The Vice-Chair must be a member of the ECB’s Executive Board.
Mr. Elderson joined the ECB Executive Board in December 2020 and was appointed Vice-Chair of the Supervisory Board in February 2021.
