ECB’s Scicluna Temporarily Vacating Position

31 July 2024

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Edward Scicluna on Wednesday announced that he was temporarily leaving his position as Governor of the Central Bank of Malta to defend himself against charges of corruption.

In a press release, the CBM said that Scicluna ‘is announcing his decision to step aside from the exercise of his function, in order to devote more time to defend his innocence which he reaffirms, for a temporary period, until the outcome of the court proceedings.’

According to the CBM, Scicluna designated Deputy Governor Alexander Demarco to act as governor starting on Thursday, which would imply that Demarco will represent the CBM at Governing Council meetings of the ECB.

‘This decision has been communicated to the President of the European Central Bank, Madame Christine Lagarde’, the release stated. ‘The Cabinet of Ministers has taken note of this decision and finds it to be in the national interest.’