Eurozone finance ministers meeting in Luxembourg officially endorsed Jörg Asmussen as the next chief economist at the European Central Bank (ECB) on Monday.

Asmussen, who currently serves as deputy finance minister in the center-right German coalition government, would replace another German, Jürgen Stark, who stepped down from the post in September.

EU finance ministers were to officially appoint Asmussen on Tuesday. His accession to the role was considered a formality as no other candidates have been put forward.

The appointment must also be confirmed by EU leaders at a summit meeting later this month.

Asmussen takes up his position on the ECB Executive Board after Stark resigned citing personal reasons. Analysts said, however, the move was triggered by his opposition to the ECB's controversial program to buy up bonds from struggling eurozone member countries.

Asmussen, born in 1966, is among the key staff at the German Finance Ministry under Wolfgang Schäuble. It was expected his move to the ECB would be completed by the end of this year.

Author: Darren Mara (AP, dpa)
Editor: Nancy Isenson