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Sarkozy says Bini Smaghi to quit ECB this year

French President Nicolas Sarkozy said Italy's Lorenzo Bini Smaghi will quit the executive board of the European Central Bank this year.

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French President Nicolas Sarkozy said on Friday that Italy's Lorenzo Bini Smaghi had told him he would quit his post on the executive board of the European Central Bank before the end of the year.

Bini Smaghi's departure would open the way for a French national to be appointed to the ECB board in keeping with France supporting Italian Mario Draghi to replace Frenchman Jean-Claude Trichet at the ECB's helm.

Read more on this story from Reuters.