Vujcic to take up position as vice president of the European Central Bank, breakthrough in Eastern Europe.

Croatian Central Bank Governor Boris Vujcic is set to become the next Vice-President of the European Central Bank, becoming the first Eastern European to enter the institution's Executive Board. Eurogroup President Kyriakos Pierrakakis stated that the 61-year-old decision-maker received the support of Eurozone finance ministers on Monday to replace Luis de Guindos, who is set to leave by the end of May. "We are progressing as planned, Boris Vujcic will take up his position at the European Central Bank on June 1," Pierrakakis, who also serves as Greece's Finance Minister, told reporters in Brussels. Before that, he will undergo a hearing at the European Parliament, and the opinions of the ECB's Governing Council will also be sought. EU leaders have the ultimate decision-making power on this appointment. EU leaders have historically followed the Eurogroup's voting results. This decision is a breakthrough for Eastern Europe. Despite currently representing one-third of the Eurozone's 21 member states, no one from the region has previously held a position on the European Central Bank's Executive Board.