Eurozone finance ministers in Brussels have backed Spain's candidate to become the next vice president of the European Central Bank. The decision was expected after Ireland withdrew its candidate for the post.
Image: AFP/Getty Images/P.-P. Marcou
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Finance ministers from euro currency countries on Monday endorsed Spanish Economy Minister Luis de Guindos (pictured) to become the next European Central Bank (EC) vice president.
Irish Finance Minister Paschal Donohoe announced his country would pull Lane's candidacy, saying it was important for eurozone finance ministers to agree on who gets the job by consensus.
De Guindos — who had been the favorite to replace Portuguese ECB Vice President Vitor Constancio — was left as the only candidate as a meeting of eurozone finance ministers began in Brussels.
The ministers' endorsement set the stage for EU leaders to formally appoint De Guindos at a March 22-23 summit.
Irish Central Bank Governor Philip Lane was the only candidate challenging GuindosImage: picture-alliance/empics/N. Carson
What were the responses?
French Finance Minister Bruno Le Maire said de Guindos "has all the skills to be a very good vice president."
Acting German Finance Minister Peter Altmaier said he was "an excellent choice."
EU Economy Commissioner Pierre Moscovici said de Guindos was "an excellent colleague over several years," adding that "he can adapt and be a good vice president."
Why this matters: The vice president helps formulate ECB policy as a member of the six-member executive board. De Guindos' appointment could influence who replaces ECB chief Mario Draghi, whose term ends in 2019. Finance ministers are reportedly thinking of replacing Draghi with a northern European candidate if the vice president is from a southern eurozone country. The governor of Germany's central bank, Jens Weidmann, is slated to be one of the leading contenders.
Who is de Guindos: The 58-year-old has been economy minister in Spanish Prime Minister Mariano Rajoy's conservative government since 2011. He oversaw reforms to Spain's failing banking sector, which had collapsed during the eurozone debt crisis. De Guindos briefly worked at Lehman Brothers before the bank went bankrupt in 2008.
Draghi's five years at the helm of the ECB
Five years ago, Mario Draghi took over as president of the ECB. Under him, the bank has been in crisis-fighting mode. Here are some of Draghi's best-known quotes, earning him praise or raising eyebrows.
Image: picture-alliance/dpa/A.Dedert
Save the euro!
"Within our mandate, the ECB is ready to do whatever it takes to preserve the euro, and believe me, it will be enough." This is arguably Draghi's most famous quote. It dates from July 2012, and the mere statement helped to calm markets.
Image: picture-alliance/dpa/D. Reinhardt
Fueling economic expansion
"Monetary policy has been the only policy in the past four years supporting growth in the eurozone." - This 2016 statement by Draghi following an April ECB governors' meeting in Frankfurt can easily be construed as a broadside against politicians.
Image: picture-alliance/dpa/J. Büttner
Greece in focus?
"The fewer changes made in a country, the more often I repeat my messages - and it works." Draghi could have had in mind a lot of eurozone nations when saying that, but Greece seemed to be an obvious candidate (perhaps without the "and it works" part of the quote).
Image: picture alliance/chromorange/Ohde
Europe's powerhouse
"We won't make the weak stronger by making the strong weaker. If Germany were less competitive, the euro area as a whole would lose, because less could be produced then." - However, Germany's excessive trade surplus remains a thorn in the side of fellow eurozone nations.
Image: picture-alliance/dpa/Bernd Weissbrod
Italy, Portugal, Spain and others
"There is no better protection against the euro crisis than successful structural reforms in southern Europe." That statement has lost nothing of its importance even now that the very existence of the single currency seems no longer theatened.
Image: picture-alliance/dpa/J. Stratenschulte
Critics galore
"Long-term interest rates are determined largely by global financial markets," Draghi said in defending the ECB's protracted period of ultra-low interest rates that savers feel are giving them a bad deal. And sometimes, criticism of Draghi's policies can be very direct.
