And now Finland. Jyrki Katainen, the country’s prime minister, has joined calls for a northern European to be appointed to an upcoming vacancy on the European Central Bank’s six-man executive board.
As reported by the Financial Times, a north-south divide has opened up over the successor to Spain’s José Manuel González-Páramo, whose eight-year term expires at the end of May. Madrid has nominated another Spaniard as his replacement. But Luxembourg and Slovenia have put forward their own candidates, and the Netherlands has also expressed worries about the disproportionate number of southern Europeans on the board. Read more
The battle hots up. Luxembourg has challenged Spain’s self-proclaimed right to a place in the European Central Bank’s top management team. The Grand Duchy on Friday announced it would nominate Yves Mersch, the country’s central bank governor, for the upcoming vacancy on the ECB’s six-man executive board.
As Money Supply reported earlier this week, Madrid has already nominated Antonio Sáinz de Vicuña, a Spanish ECB veteran who heads its legal department, to replace José Manuel González-Páramo, his compatriot , whose eight-year term on the executive board ends in May.
The contest may prove an unwelcome distraction as eurozone leaders seek to combat the region’s debt crisis. But this could be a battle fought at the highest level. Read more
Upheaval continues at the European Central Bank. It is scarcely two months since Mario Draghi took over as president, and little more than two weeks since two other members of the six-man executive board (Germany’s Jürgen Stark and Italy’s Lorenzo Bini Smaghi) left Frankfurt. Now jostling has officially started to succeed José Manuel González-Páramo, whose eight-year term as executive board member expires in May.
Determined to secure a continued top level Spanish presence in Frankfurt, Madrid has nominated Barcelona-born Antonio Sáinz de Vicuña, an ECB veteran who heads its legal department. But it is not a foregone conclusion that he will get the job. In more northerly eurozone countries, resentment about the dominance of southern Europeans may result in an alternative candidate emerging – and another damaging political row over the central bank’s leadership. Read more
Our week ahead email helps you track the most important events in central banking. To see all of our emails and alerts visit www.ft.com/nbe Read more
Our week ahead email will help you to track the most important events in the central banking world. To see all of our emails and alerts visit www.ft.com/nbe
The key event in next week’s calendar is the Federal Open Market Committee’s policy meeting, which Ben Bernanke announced at Jackson Hole would be a longer-than-usual two-day affair. Read more
Our new week ahead email will help you to track the most important events in the central banking world. To see all of our email and alerts visit www.ft.com/nbe
Both of next week’s key events are on Monday. Read more
The arrival of Vítor Constâncio as the European Central Bank’s new vice-president this week has led to a reshuffling of responsibilities on the bank’s six-person Frankfurt-based executive board. For ECB-watchers, the obvious questions are: who’s up and who’s down? I am not sure if much has changed.
As expected, Mr Constâncio, a former Portuguese central bank governor, will take over responsibility for financial stability issues from his predecessor, Lucas Papademos. That will take up much of his time in coming years, so it is probably not a big deal to him that responsibility for ECB research has been transferred to José Manuel González-Páramo, perhaps the biggest winner from today’s moves. Mr González-Páramo remains in charge of market operations – a busy beat in recent years. Read more