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UPDATE 1-France-Talk of ECB's Trichet successor premature

Published 02/09/2010, 09:20 AM
Updated 02/09/2010, 09:24 AM

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PARIS, Feb 9 (Reuters) - It is too early to comment on who should succeed European Central Bank President Jean-Claude Trichet next year, French Economy Minister Christine Lagarde said on Tuesday.

Trichet's tenure ends on Oct. 31, 2011 and there are signs of growing support in Germany for the head of the Bundesbank, Axel Weber, to succeed him.

Asked whether France would back Weber to replace Trichet, Lagarde said: "It is totally premature as it is a decision that would clearly be made at the highest level by the President (Nicolas Sarkozy)."

There are no declared candidates to succeed Trichet, but the two leading contenders are widely seen as Weber, 52, and Italy's Mario Draghi, 62, a member of the ECB's Governing Council and chairman of the influential Financial Stability Board.

Weber is an inflation hawk who has been president of the German central bank since 2004. He is also a member of the ECB's Governing Council.

Shadow-boxing over the ECB presidency is the background to the current race to succeed Greece's Lucas Papademos as vice-president at the end of May.

Euro zone finance ministers are expected to recommend either Yves Mersch of Luxembourg or Portugal's Vitor Constancio for the number two job at the ECB at their next meeting on Feb. 15.

Nominations for the ECB presidency are not expected until early 2011. However, some diplomats think the two top jobs may be shared between northern and southern euro zone countries.

So if Mersch were to get the number two job, Draghi would be seen as front runner for the presidency, while if Constancio were chosen, it could bolster Weber's chances. (Reporting by Anna Willard and Brian Love; Editing by Ron Askew)

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