The Eurogroup takes the first steps to replace Luis de Guindos as vice president of the ECB

The president of the Eurogroup, Paschal Donohoewill inform the ministers of Economy and Finance of the eurozone this Wednesday of the process to choose the replacement of Luis de Guindos as vice president of the European Central Bank (ECB)the first of the positions within the issuer’s executive board that will be renewed in the next two years. The first confirmed candidate for the position is the governor of Bank of Finland, Olli Rehnwho began his second term at the head of that institution this year after having been, among other positions, European Commissioner between 2004 and 2014.

“Our government strongly supports the candidacy of Olli Rehn. He has extensive experience in our national central bank and as a politician European Parliament, which makes him exceptionally qualified for the position of vice president,” said Finnish Finance Minister Riikka Purraupon arrival at the Eurogroup meeting taking place this Wednesday in Brussels.

The name of the governor of the Bank of Portugal, Mário Centeno, who was previously Minister of Finance of his country and president of the Eurogroup, although in this case the Portuguese Finance Minister, Joaquim Miranda, limited himself to opening the door to a Centeno candidacy without actually confirming it.

In statements to the media before the meeting, he said that the Executive “always sees with satisfaction that a Portuguese can reach an international position (…) as happened recently with the appointment of António Costa as president of the European Council“, but he stressed that it is “premature” to talk about names since only the calendar for the formal election procedure will be presented at the meeting.

This traditionally begins with the presentation of candidacies by the Eurozone states, whose finance ministers decide then among the candidates. This election is later formalized by the Council of the EU (the ministers of the Twenty-seven) and by the heads of State and Government of the bloc, after having consulted with the European Central Bank and the European Parliament, that issue a non-binding opinion on the nominee.

After the relief of Guindos, whose term ends in June 2026the replacement of the Irishman Philippe Lane must be elected by June 2027, and finally that of the president, Christine Lagarde, who ends her term in November of that same year. Those elected will join the Italian on the executive board Piero Cipollone, the Dutch Frank Elderson and the German Isabel Schnabel, for a non-renewable eight-year term.