By William Launder
FRANKFURT (MarketWatch) -- The European Central Bank Tuesday said it has selected Belgium's Peter Praet to head its economics department, as part of a broader reshuffling of executive board members' responsibilities.
As new head of the ECB's economics department, Praet's duties include overseeing the central bank's staff projections for the economy, which the ECB's board uses in part when making decisions about interest rates and other monetary policy matters. Praet is the first non-German to head the central bank's economics department, following the departure of Juergen Stark, who left the central bank at the end of last year, and Stark's predecessor Otmar Issing.
Praet is currently in charge of the relatively low-key departments of payments and market infrastructure, human relations and the roll-out of the TARGET2-Securities payment system.
Additionally, the ECB said Germany's Joerg Asmussen would become responsible for international and European relations for the central bank, as well as for legal matters. He will also attend future Eurogroup meetings with ECB President Mario Draghi or Vice President Vitor Constancio.
Benoit Coeure of France will head the ECB's market operations starting in March, and will be responsible for the ECB's information systems starting immediately.
Asmussen and Coeure, respectively, were appointed to the ECB's executive board last year to replace Stark and Italy's Lorenzo Bini Smaghi.
