By David Barwick – FRANKFURT (Econostream) – The European Council late Thursday appointed European Central Bank Governing Council member Boris Vujčić as vice president of the ECB for a non-renewable eight-year term starting June 1, when he will replace Luis de Guindos.

Vujčić, who heads the Croatian National Bank, had received Eurogroup backing on January 19. The Council of the European Union then recommended his appointment on January 26.

The European Central Bank’s Governing Council said on February 25 that it had no objection to his appointment. The European Parliament subsequently delivered a favorable opinion and approved his nomination in plenary on March 10 by 460 votes to 68, with 91 abstentions.

Under Article 283(2) of the Treaty on the Functioning of the European Union, Executive Board members are appointed by the European Council, acting by qualified majority, on a recommendation from the Council after consultation of the European Parliament and the ECB’s Governing Council.