NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Germany could run Weber for ECB chief -report

Published 01/18/2010, 09:37 AM
Updated 01/18/2010, 09:39 AM

PARIS, Jan 18 (Reuters) - Germany's Axel Weber would make an excellent successor to European Central Bank President Jean-Claude Trichet next year if Berlin decides to field a candidate, the country's Europe minister was quoted as saying.

Werner Hoyer, secretary of state for European affairs, told the French business daily Les Echos that the German government would first have to decide whether to nominate a contender.

"But in the state in which the euro zone finds itself today, Germany would without any doubt be in a position to propose an excellent president to succeed Jean-Claude Trichet," he said.

"And in case of such a candidacy, it would not be unfounded that a member of the governing council of the ECB as experienced and successful as Mr Weber should succeed (Wim) Duisenberg and Trichet."

It was the most public endorsement by a German government member of Weber's qualification for the key job.

There are no declared candidates but the two leading contenders are widely seen as Weber, 52, an inflation hawk who has been president of Germany's Bundesbank since 2004, and Italy's Mario Draghi, 62, also an ECB governing council member and chairman of the influential Financial Stability Board.

Italian Foreign Minister Franco Frattini said last year Rome would be honoured if the job went to its central bank governor, Draghi. However it is not known if he wants the post.

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 were to discuss three candidates -- Luxembourg's Yves Mersch, Portugal's Vitor Constancio and Belgium's Peter Praet -- at a meeting on Monday but a decision may be postponed until February.

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 are 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. (Editing by Andy Bruce)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.