German social democrat Martin Schultz has been elected President of the European Parliament, following a vote in Strasbourg on January 17.

Schultz won the post with 387 votes out of 670 cast thanks to the support of the European People's Party (EPP).

He won against two competitors, Diana Wallis, a liberal but running as an independent, and Nirj Deva, from the center-right European Conservatives and Reformists (ECR) group.

Schulz will replace European People's Party's Jerzy Buzek, who has steered the European Parliament since mid-2009, and will lead the EP until the next round of European elections in June 2014.

The post is mostly ceremonial, international news agencies remind.

EP sources have termed Schulz's victory "unsurprising", saying that it was the result of a deal between the Progressive Alliance of Socialists and Democrats (S&D) and the European People's Party (EPP).

"I intend to carry out the office of President of the European Parliament in such a way that those who voted for me today can take pride in having done so, and those who did not vote for me today are pleasantly surprised. I will be the president of all members of the European Parliament and defend your rights!", Schultz said in his inaugural speech.

Stressing the current time of crisis for the EU, he argued that "our interests can no longer be separated from those of our neighbors. Either we all lose, or we all win".

"I will not be an amenable President," he said, but "a President who will do everything in his power to win back lost public trust in the European integration process and restore public enthusiasm for Europe".

Schulz' election as EP President leaves a vacancy at the post of Socialist group leader.

The post is expected to be filled by Austrian deputy Hannes Swoboda.

His rival, British candidate Stephen Hughes, is seen as having suffered "collateral damage" from the UK's recent decision to block member states from making an EU Treaty change.

This week will also see the election of 14 quaestors (MEPs in charge of administrative affairs) and vice-presidents.

The following week is likely to see a shake-up of committee chairs, with some names emerging already.

News portal EUobserver predicts that German center-right MEP Elmar Brok will take over the foreign affairs committee from Italian Gabriele Albertini.

In return, a center-right Italian is to take over the industry committee, currently held by a German.

German Liberal MEP Wolf Klinz is to take over the budget control committee.

It remains uncertain whether British Liberal Sharon Bowles will hold onto the economic and monetary affairs committee or cede to one of her colleagues, such as Belgian Liberal Sylvie Goulard.