Sharon Bowles

Luxembourg's Yves Mersch, left, arriving at an ECB executive board meeting in Finland last year.

Yves Mersch’s path to a seat on the European Central Bank’s powerful six-member executive board has been rocky.

The head of the Luxembourg central bank was, at first, not even considered a leading candidate for the position, which was being vacated by a Spaniard and, Madrid assumed, would be filled by a Spaniard. But a caucus of northern European countries balked at putting another southerner on the board, so inflation hawk Mersch became their candidate.

That set off months of nasty backroom battles, where the Spanish insisted on compensation – at one point they held out for the head of the new €500bn eurozone rescue fund, which was supposed to go to German economist Klaus Regling – in exchange for acceding to Mersch. Luxembourg retaliated by holding up plans to give Spain more time to hit tough budget targets.

In the end, the northerners won out. Mersch was nominated, and Spain was left empty handed. Everyone thought the fight was over. Everyone thought too soon: this morning, the European Parliament announced it was postponing Mersch’s confirmation hearing scheduled for Monday because no women candidates were considered for the job. Read more

What’s the connection between martial arts and European financial market regulation?  Answers in Bulgarian, please.  Because the most colourful member of the newly elected European Parliament’s powerful economic and monetary affairs committee is surely Slavi Binev, a Bulgarian MEP

Binev is a Taekwondo champion whose parliamentary website describes him, with little exaggeration, as “the most recognisable figure in the history of martial arts in Bulgaria”.  Perhaps I should add that he is also a wealthy man who belongs to Bulgaria’s ultra-nationalist Ataka party and who runs a company specialising in nightclubs, construction and finance.  He knows, shall we say, how to look after himself. Read more