The ministers picked Vujčić over his Finnish counterpart Olli Rehn, who had been the frontrunner, in the third and final round of voting, after Portugal's Mário Centeno and Latvia's Mārtiņš Kazāks -- both preferred by the European Parliament -- had dropped out of the race. Estonia's Madis Müller and Lithuania's Rimantas Šadžius were eliminated in the first round.
According to Politico, no one had predicted such an outcome in the vote for ECB vice-president.
At a time when the U.S. administration is exerting intense pressure on the Federal Reserve, the choice of Vujčić -- a technocrat without strong party backing -- sends a strong signal of the European Union's desire to keep the ECB independent from direct political influence.
Barring any last-minute surprises, EU leaders will formally present Vujčić as the successor to current ECB Vice-President Luis de Guindos when the Spaniard's eight-year term expires on 31 May.
"Crazy," one diplomat said after the final round of voting.
Others were more understanding. "He is the most senior central banker of them all," another said on the condition of anonymity.
Vujčić needed 16 votes from ministers representing 65 percent of the eurozone population, that is, the backing of the bloc's largest member states, to secure the post.
Germany, France and Spain engaged in strategic calculations ahead of the vote, which marked the beginning of a two-year process during which six members of the ECB's Executive Board will be appointed. The vice-presidency is the first of four posts -- including the presidency -- to be decided in that period, all of them highly important positions for the euro area's strongest economies.
By backing Vujčić for the ECB's second-most powerful role, the largest countries have preserved broad options regarding the successor to ECB President Christine Lagarde, whose term expires on 31 October 2027.
Vujčić now faces an uncomfortable hearing in the European Parliament, whose non-binding recommendation for the vice-presidency was entirely ignored by the finance ministers. The 61-year-old will need to win over lawmakers to avoid a vote against his appointment -- a symbolic but embarrassing defeat similar to the one suffered by Luxembourg central bank governor Yves Mersch when he joined the ECB's Executive Board in 2012.
Vujčić brings extensive experience, having led the Croatian National Bank since 2012, and is well regarded by his peers. Still, his appointment took ECB watchers by surprise, as most had predicted a victory for Rehn. Rehn's dual experience in both Brussels and monetary policy circles was widely seen as a major advantage over his rivals.
Croatia's chances were considered slim from the outset, given that it only joined the eurozone in 2023. None of the three Baltic states, which adopted the euro roughly a decade earlier than Croatia, has so far had a representative on the ECB's Executive Board.
Vujčić's appointment is also unlikely to affect the chances of Germany, the Netherlands or Spain securing the ECB presidency.
Current favourites for the top job include former Dutch central bank chief Klaas Knot and the head of the Bank for International Settlements (BIS), Pablo Hernández de Cos.
But in European politics, two years is a very long time. Lagarde herself only emerged as a serious contender late in the process to succeed Mario Draghi, illustrating how quickly the race for top ECB posts can change.