The Italian boss of the ECB named Peter Praet as the new head of economics, defying calls from Berlin that the tradition of a German holding the post to be upheld. Mr Praet, 62, who joined the ECB's six-member board in June last year, replaces Juergen Stark, who resigned in September in apparent protest against the ECB's sovereign bond buying policy. The Belgian, who was formerly a board member of the Belgian central bank and is a specialist in financial regulation, will be the first non-German to hold the position since the ECB was founded in 1988. The French candidate, Benoit Coeure, was also overlooked by Mr ... (full story)