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The president of the European Central Bank, Mario Draghi, will leave office later this year after the most turbulent period in the history of the single currency bloc.
Credited as the man who saved the euro in 2012 by stating that he would do "all that is necessary" to preserve the single currency in the face of the sovereign debt crisis, replacing The Italian in one of the most powerful jobs of the EU comes at a crucial political moment for the country. economic bloc, economic growth has also slowed in the single currency bloc over the past year.
Germany has never had a president of the ECB, although Angela Merkel has fought for a German president of the European Commission, one of the other vacancies, which could have consequences in the race for replacement from Draghi.
Here are some of the favorites to replace him:
Jens Weidmann
The president of the German Bundesbank and the president of the Bank for International Settlements, the coordinating group of the world's central banks, are considered the most hawkish candidates – with a reputation for taking a strong stance against lax monetary policy. He was the only member of the ECB's 25-member board to oppose Draghi's policy in 2012 when Italy decided to save the single currency.
His bellicose attitude could, however, destabilize the financial markets after years of low interest rates and quantitative easing to support the euro area economy.
Germany has never badumed the presidency of the ECB since the launch of the monetary union 20 years ago. He might find support in some countries. During negotiations around ECB appointments, Spain could support a German candidate after former Spanish Economy Minister Luis de Guindos has been appointed Vice President of the ECB. Last year.
Claudia Buch
The vice-president of the Bundesbank is one of the highest central bankers in Europe, a profession that tends to be dominated by men. European leaders have not appointed a woman to the Governing Council of the ECB for half a decade. Thirteen men have been appointed in the past year alone. They could, however, remedy this imbalance by appointing a woman as President of the ECB.
Sylvie Goulard, Deputy Governor at the Banque de France, and Margarita Delgado, Deputy Governor at the Bank of Spain, are among other women economists who could take on this role.
François Villeroy de Galhau
The governor of the Banque de France is among the favorites, ranking at the top of the recent survey of economists at the Japanese bank Nomura. Villeroy closely followed Draghi's course of action, supporting the continuation of the stimulus package, which means that he would probably stick to the status quo to foster growth across the bloc.
As a German-speaking native of the border region of Alsace, it could be a reasonable compromise for Germany if the country manages to appoint a president of the European Commission. His candidacy could however be disadvantaged by the fact that France already has a president of the ECB, Jean-Claude Trichet.
Along with Mark Carney, former governor of the Bank of England, Villeroy played a leading role in the fight against the climate crisis of the banking system, placing the weight of the Banque de France behind the Central Bankers' Network. the revitalization of the financial system.
Benoît Cœuré
The French economist, who currently sits on the ECB's board of directors, could be congratulated if Emmanuel Macron did not withdraw to support Villeroy. Coeuré has solid experience in the financial markets, as the architect of the ECB's quantitative easing bond purchase program, with 2.6 million euros.
He is considered one of the favorite candidates of the central bank, while his expertise in the markets can be useful, given the risk of turbulence after the departure of Draghi.
Erkki Liikanen
The former governor of the Bank of Finland is considered a potential candidate if a compromise between France and Germany proved difficult to find.
Considered moderately hawkish, Liikanen was named the most likely winner of the race instead of Draghi in a survey of 50 economists polled by Reuters. However, at age 68, he is one of the oldest candidates for the position, which comes with an eight-year term.
Olli Rehn
The current governor of the Bank of Finland is perceived as a potential outsider who could lobby for a revamped mandate for the ECB.
He has been Commissioner for Economic and Monetary Affairs of the EU deep in the sovereign debt crisis, which means that he has extensive experience of the problems that ravaged the bloc of the single currency.
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