Germany's influence on the central bank is inevitable based on staff positions in the ECB

The Wall Street Journal managed to get their hands on data regarding the ECB's staff and after reviewing it, they concluded that there is a sense that Germany is over-represented among ECB staff while other larger nations in the Euro-area are under-represented.

The ECB is often criticized in German media for its anti-crisis stimulus measures under Mr. Draghi, an Italian. But elsewhere in the eurozone, many think the ECB took too long to act aggressively against the crisis because of German sensibilities.

Against that background, appointing a German to run the central bank could aggravate concerns over excessive German influence. The ECB was modeled on Germany's Bundesbank, which is also in Frankfurt, and has been criticized in the past for worrying too much about inflation, a German bugbear.

One official at a eurozone central bank said the ECB has publicly criticized banking practices in Italy, Portugal and Greece while sparing German lenders. "There are different treatments for different countries," the official said.

The report also points out that the German over-representation is something that has been growing over time and extends across all levels of the institution.

Among 53 managers in stratum immediately below the bank's rate-setting committee, 16 are German, or around 30%. In the management level below that, comprising roughly 280 staff, 27% were German last year. Also, four of the six top advisers to the ECB's executive board are German.

While nationality shouldn't matter in principle, to some extent it does matter in terms of biases, views, and national ties. These things to do play a part in policy setting - of all kinds, not just monetary policy.

This will be something that will come up and argued upon - particularly by the southern half when it comes to the appointment of ECB president come next year. Earlier in the year, when Luis de Guindos was appointed as ECB vice president, the market already has Bundesbank chief Weidmann as the frontrunner - but if there is one thing that can stop the inevitable procession, it will be this.

More on the report here (may be gated).