Still not there: Yves Mersch
Yves Mersch’s long, slow ascent to a place on the six-member executive board of the European Central Bank has just hit another potentially serious roadblock.
The governor of the Bank of Luxembourg is male, like all his central bank peers in the eurozone, and the economic and monetary affairs committee of the European Parliament has decided it is time to draw a line in the sand.
In September, the committee, which has to approve his appointment, postponed his confirmation hearing because no women candidates had been considered for the job. This evening, the news from Brussels is that the committee will hold a formal hearing on October 22, but it will make a negative recommendation about his candidacy.
The reason for this remains the committee’s objection that no female candidate was offered for consideration. It is saying it will not make any judgment on Mr Mersch’s competence as a central banker. Read more
Watching the panel discussion on BBC’s Newsnight programme after the ECB’s announcement of its Outright Monetary Transactions policy last Thursday, a long-running criticism of central bankers was brought powerfully home even before any of the guests had opened their mouths.
For here was an all-woman group of qualified observers discussing decisions made in an environment so male-dominated it might as well be one of London’s traditional gentlemen’s clubs in St James. The ECB has no women on its executive board and none of the 17 heads of eurozone central banks that join the executive board on the bank’s rate-setting governing council is led by a woman. And the ECB is far from an exception — women are exceptionally rare in central banks the world over.
Economists love to portray themselves as iconoclasts who follow the evidence and act rationally. So why is central banking gender politics so 19th century? Read more