ECB to make decision on Vice President appointment today

Author: Mike Paterson | Category: Central Banks

Austria's fin min Loeger out on the wires 19 Feb

  • expects decision today
  • will support De Guindos for post
  • EU funds must be redistributed in Budget due to Brexit
Lots of preliminary prattle on today's expected decision to appoint Spanish economy minister and ex investment banker De Guindos to replace Constancio as ECB VP who is stepping down on 31 May

De Guindos the market leader over rival BOI's Lane in the run up with widespread support, most recently France . Talk on the street is that his appointment as someone from Southern Europe could be strategic to have  German take Draghi's job next year.

Discussion among the finance ministers of the 19 eurozone countries is informal, with a vote scheduled only for Tuesday when they will have to decide between the Spaniard and Ireland's central bank governor Philip Lane.

The decision could be made by consensus but if there were to be a vote, the successful candidate would have to get 14 out of the 19 votes and these would have to represent 65% of the EZ population.

                                               De Guindos in pole position

Meanwhile Latvian CB gov and ECB gov council member Rimsevics has been bailed out of jail by a friend to the tune of c.EUR 110k where he had been detained on fraud suspicion.    

Eamonn had the breaking news on Rimevics' arrest here