EU parliament raises concerns over ECB VP candidate

A spanner in the works for Spain’s Luis de Guindos?

Spain’s finance minister is the favourite in the battle to become the next vice-president of the European Central Bank, but looks to have failed to impress MEPs at a closed-door hearing in Brussels last night.

His rival, Central Bank of Ireland governor Philip Lane, put in a “more convincing” performance in front of the parliament’s economic affairs committee, according to Roberto Gualtieri, the chair of the group.

“Some groups expressed reservations for minister De Guindos’ appointment”, Mr Gualtieri said.

Although the European Parliament has no formal veto over who gets the job, the concerns of MEPs reflects reticence in some EU capitals about having a high profile politician in a senior position at the central bank. Mr de Guindos has long been a favourite for the post to replace Vítor Constâncio as Spain currently does not have a seat on the ECB’s governing council.

Eurozone finance ministers will make their recommendation on who gets the job at a meeting on Monday. The nomination will then be formally decided by EU leaders at a summit in March.

The appointment of the ECB vice-president kicks off a merry-go-round of other senior vacancies to be filled in Frankfurt, including those of chief economist and president in 2019. Should he fail to win the slot of vice-president, Mr Lane is thought to be eyeing the chief economist post currently held by Belgium’s Peter Praet.