Euro zone leaders will have to pick a new president to lead the European Central...
FRANKFURT - Euro zone leaders will have to pick a new president to lead the European Central Bank in the coming months, reshaping the 19-country currency bloc’s most powerful institution.
The selection will cap a year of change that will see half of the ECB’s board and more than a third of its Governing Council replaced, an unprecedented reshuffle in the euro’s 20-year history.The Holy Grail is of course the presidency, with Mario Draghi’s term ending on Oct 31. The mandates of the ECB’s chief economist Peter Praet and board member Benoit Coeure also expire.
The next ECB president and the new heads of the European Commission and the European Council are all likely to be negotiated as part of a package after elections to the European Parliament in late May. ** As the three biggest countries, Germany, France and Italy generally claim board seats, the 16 other members usually share the remaining three spots. Italy could be off the board for more than a year, however, as Draghi is unlikely to be replaced by an Italian. Since the next seat to fall vacant is held by France, it’s possible that Italy will have to wait until Yves Mersch’s term expires on Dec. 14, 2020 to reclaim a board position.
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