Paolo Gentiloni, former Italian prime minister and foreign minister, will be named European Commissioner for Economic and Financial Affairs, multiple Italian news sites reported Monday, quoting sources close to Gentiloni.

The economic affairs portfolio is one of the most important in the European Commission, the executive branch of the European Union.

Gentiloni, who will take office with other members of the commission on Nov. 1, will be charged with "creating conditions for jobs, growth, and investment" at a time when economic growth is slowing across Europe.

Gentiloni will replace former French Minister of Finance Pierre Moscovici as European Commissioner for Economic and Financial Affairs, and will take the place of Federica Mogherini, High Representative of the Union for Foreign Affairs and Security Policy as Italy's representative on the commission.

Gentiloni will work under former German defense minister Ursula von der Leyen, president-elect of the commission.

Gentiloni was nominated for a position on the commission last Thursday, the first formal act by the new government of Italian Prime Minister Giuseppe Conte. Conte presented his list of 21 ministers to Italian President Sergio Mattarella that day, and announced Gentiloni's nomination soon after.

The 64-year-old Gentiloni has held numerous key posts during his long time public career, including being Italian prime minister from 2016 to 2018.