Eurogroup wants new ECB vice-president as early as next week

Brussels – Some are betting that it can be done immediately, and the Eurogroup meeting on 19 January intends to appoint the new vice-president of the European Central Bank ahead of the end of Luis de Guindos‘s term, which expires at the end of May this year. There are six candidates: from Croatia, Finland, Portugal, Estonia, Latvia, and Lithuania, “all unquestionably experienced candidates,” according to Brussels. It is believed that this race could be settled at the first meeting. But if not, it would not be a tragedy: “We are not in a hurry yet, there are still two months to go,” say well-informed sources. 

Meanwhile, the coordinators of the European Parliament’s Economic Affairs Committee have made it clear that the candidates from Latvia (Mārtiņš Kazāks) and Portugal (Mario Centeno) are the favourites and the most desirable choices. The former is a technocrat, the latter a technocrat who has turned to politics. The Economic Affairs Committee “is an important interlocutor” of the Eurogroup, EU sources point out, but this expression of preference “does not prejudice the process” of selection, which is not straightforward. 

Electing the candidate for the role of ECB Vice-President requires a reinforced qualified majority, a voting system which, in order to be valid, must satisfy the dual requirement of 72 per cent of Member States (minimum 20 out of 27) and 65 per cent of the EU population. Once this particular majority has been achieved, the name of the designated Vice-President must be recommended by the ministers to the European Council (the leaders of the Member States) so that the nominated person can be appointed. 

The eurozone’s economic ministers will try to agree on a name, but despite their intention to find a successor to de Guindos immediately, they will not force the issue if all the criteria are not met. Before proposing a name to the leaders, they want to be sure they have the required numbers. Although Brussels tends not to take sides, there is no doubt that the appointment of the ECB Vice-President is linked to that of the President. Christine Lagarde’s term of office expires on 31 October 2027.