France targets Commission presidency for ECB prime minister: sources

PARIS (Reuters) – France will argue for the presidency of the European Commission over that of the European Central Bank when leading EU jobs will be submitted to negotiations later this year, three informed sources said. discussions about it.

Paris is eager to win one of the most powerful jobs in the European Union. The Commission is seen as preferable because it plays a more important role in the drafting of legislation at a critical juncture for the European project, while the ECB's monetary policy responsibilities are narrower.

The European Commission, which fulfills the EU's leadership and public service functions, will appoint a new president for a five-year term following the May European Parliament elections, succeeding Luxembourg's Jean-Claude Juncker.

ECB President Mario Draghi will retire at the end of October.

Finance Minister Bruno Le Maire told the French Senate last week that France would fight to "defend its interests" once the negotiations on jobs in the EU are started, underlining the need for Europe to find a leader capable of strengthening regional sovereignty vis-à-vis China and the United States. States.

"There are some excellent French candidates for the ECB. But if you want to have an influence on the future of Europe, it is the Commission that has the greatest importance, "said a source from the French government.

No formal decision has yet been taken as to the work that France will pursue. President Emmanuel Macron will be responsible for making the choice at the end. His office declined to comment.

The choice of the Commission presidency depends on which party wins the first place in the European elections from 23 to 26 May and the negotiations between the EU governments that follow.

The choice of the President of the Commission could lead to a sharp conflict between national leaders and the European Parliament, which wants to see them appoint one of the main candidates in the European elections, as for example Manfred Weber, center-right , German, or Frans, from the left center. Timmermans, a Dutchman.

The role of the Parliament, which must approve any President of the Commission, risks complicating this complex game of power between the Member States and the pan-European political movements to which the national leaders belong.

Meanwhile, the governor of the Banque de France, François Villeroy de Galhau, has been mentioned as a potential candidate for the ECB's management, while Benoît Coeure, a respected French member of the ECB's Governing Board. , is also considered a possibility in which is also certain to be a compromise among the largest powers in the euro area.

If France does not seek the post at the ECB, it could pave the way for a European North since this post has been occupied by the Italian Draghi for more than seven years. Former head of the Finnish central bank, Erkki Liikanen, is considered the most likely winner in a survey of Reuters economists. Head of the Bundesbank, Jens Weidmann, is also considered a candidate.

"The Commission is the most important work because it is the most political. The ECB has already done what it can do, "said a source familiar with thinking within the government.

REFORM PLANS

The favorable position of France to the Commission lies in the fact that a Frenchman has not directed since Jacques Delors in the late 1980s and early 1990s, while a Frenchman, Jean-Claude Trichet, led the ECB from 2003 to 2011.

Macron would back the President of the European Commission, the French Conservative Michel Barnier, Brexit's chief negotiator in the European Union, though he seemed to have a chance of getting it, said a source close to Macron. in February.

Barnier, like many other potential candidates mentioned, has not officially declared interest.

The president of the Commission plays a crucial role in setting legislative priorities, which would help Macron's reform plans for the block after Britain's planned departure.

Macron wants to review its industrial and European competition policy. He suggested reviewing the Schengen system without borders and creating a joint police and asylum office.

In addition to jobs at the Commission and at the ECB, EU countries will have to find a new president of the European Council, currently Donald Tusk, who will lead negotiations between EU leaders.

If the stars do not carry the weight against France to the Commission, Macron could still try to entrust a French the responsibility of the European Central Bank, Villeroy being considered a serious competitor in other European capitals.

"Villeroy has a lot of support from governments that are not French. His candidacy is taken very seriously even in Berlin, "said a source close to the situation, confirming that France defended itself for the Commission.

Nobody has yet expressed interest in the ECB position and the selection process should not start before the European elections.

The most important posts at the European Commission and the ECB are just two of the few high-level posts that are going to open. The European Commissioners – one from each Member State – will also have to be appointed, while Mr Coeure's term in the ECB will expire at the end of the year.