The Eurogroup on Monday supported the candidacy of Spanish Minister of Economy and Competitiveness Luis de Guindos for the position of Vice President of the European Central Bank (ECB).
The recommendation of the Eurogroup, a forum that brings together the finance ministers of the eurozone, is to be confirmed on Tuesday by the Economic and Financial Affairs Council (ECOFIN). After that, the European Council, which gathers the heads of state or government of the member countries, will seek the opinion of the European Parliament and the ECB’s Executive Board, with a final decision expected at the EU summit on March 22 and 23.
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The new Vice President will replace the Portuguese Vitor Constancio as of June 1, 2018. His term lasts for eight years and cannot be renewed.
The election of De Guindos after the recommendation of the Eurogroup is now a formality. The decision has been eased for the finance ministers of the eurozone after the governor of the Irish central bank, Philip Lane, withdrew his candidacy for the position, leaving De Guindos as the sole candidate.
It is believed that the election of the ECB Vice President from one of the southern EU member states increases the chances that the governor of the German central bank, Jens Weidmann, will replace Mario Draghi at the helm of the ECB, whose term expires next year.
