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Eurozone finance ministers on Monday nominated Portugal's central bank governor Vitor Constancio to the post of next European Central Bank vice president.
The 66-year-old Constancio would replace current Vice President Lucas Papademos when his term ends on May 31. Constancio has been holding the post of Portugal's central bank governor since 2000.
Constancio's election is likely to be confirmed on Tuesday in a meeting of EU 27 finance ministers. According to reports, names of Luxembourg central bank Governor Yves Mersch and Belgian central bank board member Peter Praet were also put forward for the post. However, the decision to select Constancio was unanimous.
It is also speculated that German central bank chief Axel Weber would be elected to the ECB presidency post, when the current president Jean-Claude Trichet's term ends on October 31, 2011.
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