The finance ministers of 19 euro-zone countries have made a recommendation for post of Vice-President of European Central Bank: Spanish Minister of Economic Affairs Luis de Guindos is to take over position of deputy head of ECB.
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The recommendation for Guindos ‘ candidacy was officially confirmed at Brussels ministerial meeting, it was said. The Heads of State and Government of EU will finally decide on personalisation at ir summit in March. The current vice of ECB, Portuguese Vitor Constancio, is leaving office on schedule at end of May.
For Germany, decision for Spaniard Guindos is particularly interesting because it increases chances that Jens Weidmann, head of Deutsche Bundesbank, will move to top of ECB in autumn of 2019. It is considered probable that in case of election of a Südeuropäers to governing Vice, a representative from norrn Europe will follow current ECB President Mario Draghi.
From European Parliament, Group of Greens criticized recommendation for Guindos: “A direct change from Eurogroup to ECB’s leadership endangers independence of central bank,” said economic and financial spokesman Sven Giegold. Guindos has been a member of Eurogroup for several years. The European Parliament does not have right to vote in occupation of ECB’s management posts.
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In addition to personnel decision, finance ministers of 19 countries which have euro as a single currency also discussed extension of ESM to a European Monetary Fund. The head of European Stability Mechanism, Klaus Regling, said to general of Augsburg that Europe must be prepared in event that re is once again a crisis.
