Frankfurt (Germany), 4 Nov. (LaPresse) – A political agreement on the appointment of Christine Lagarde’s successor as President of the European Central Bank is expected in December, at the European Council. This was reported by a senior EU official ahead of the Eurogroup meeting, who added that the aim is to complete the process in time to ensure continuity in the bank’s leadership when Lagarde steps down on 7 February. The deadline for submitting nominations is set for Friday 6 November. On Monday, the Eurogroup will take stock of the situation, but no operational decisions are expected: it will be an informative session to allow member states to discuss the process. The names of the candidates are expected to be made public once the application window has closed. The official explained that, given the importance of the appointment, a political agreement at the level of European leaders will be required in addition to the formal procedures. The process involves a recommendation from the Council, followed by consultation with the ECB and the European Parliament, before the formal appointment by the European Council. If an agreement on the names were to emerge in the coming days, the recommendation could be issued by November, allowing consultations to begin and a decision to be taken in December. There are also two other positions on the ECB’s Executive Board due for renewal: the post vacated by Isabel Schnabel, who will step down on 4 January, and that of Chief Economist Philip Lane, whose term ends at the end of May. The official noted that consideration might be given to treating the three appointments as a single package, to facilitate an overall political agreement. He clarified, however, that this is not a decision that has already been taken: “It is a practical and political assessment that has not yet been finalised.”
ECB: decision on new presidency expected in December
Frankfurt (Germany), 4 Nov. (LaPresse) – A political agreement on the appointment of Christine Lagarde’s successor as President of the European Central Bank is expected in December, at the European Council. This was reported by a senior EU official ahead of the Eurogroup meeting, who added that the aim is to complete the process in time to ensure continuity in the bank’s leadership when Lagarde steps down on 7 February. The deadline for submitting nominations is set for Friday 6 November. On Monday, the Eurogroup will take stock of the situation, but no operational decisions are expected: it will be an informative session to allow member states to discuss the process. The names of the candidates are expected to be made public once the application window has closed. The official explained that, given the importance of the appointment, a political agreement at the level of European leaders will be required in addition to the formal procedures. The process involves a recommendation from the Council, followed by consultation with the ECB and the European Parliament, before the formal appointment by the European Council. If an agreement on the names were to emerge in the coming days, the recommendation could be issued by November, allowing consultations to begin and a decision to be taken in December. There are also two other positions on the ECB’s Executive Board due for renewal: the post vacated by Isabel Schnabel, who will step down on 4 January, and that of Chief Economist Philip Lane, whose term ends at the end of May. The official noted that consideration might be given to treating the three appointments as a single package, to facilitate an overall political agreement. He clarified, however, that this is not a decision that has already been taken: “It is a practical and political assessment that has not yet been finalised.”