the European Central Bank (ECB), which Christine Lagarde will leave on February 7. Former heads of the central banks of both countries — Pablo Hernández de Cos and Klaas Knot — are vying for the position. Politico reports this, UNN writes.
Details
As expected, after the nomination deadline passed at 5:00 p.m., only two candidates remained.
Their nominations were part of broader negotiations over the distribution of senior positions at the European Central Bank. France and Germany are also involved, seeking to secure seats on the institution’s Executive Board for their representatives.
The ECB is responsible for the eurozone’s monetary policy and for setting interest rates to support price stability at 2% over the medium term. Its Executive Board consists of six members and oversees the bank’s day-to-day activities.
At the same time, Germany seeks to retain the position that economist Isabel Schnabel will vacate on January 3. She will leave the ECB to work at the International Monetary Fund.
France, for its part, is seeking the position of the ECB’s chief economist after Irishman Philip Lane’s eight-year term ends on May 31.
Finance ministers from the eurozone countries will discuss the personnel changes during the Eurogroup meeting in Brussels on Monday. The candidates themselves will not participate in the closed-door meeting; however, the finance ministers of Spain and the Netherlands will present the candidacies of their compatriots.
Diplomats expect EU leaders to discuss the distribution of positions during an informal summit in Dublin at the end of next week. The deadline for submitting candidacies for the position replacing Isabel Schnabel is November 27.