The best qualified candidate is unlikely to become the European Central Bank...
BENGALURU/FRANKFURT - The best qualified candidate is unlikely to become the European Central Bank’s next president given the political intricacies of the selection process and legal hurdles, a Reuters poll of over 50 economists suggested.
As ECB policymakers traditionally line up behind their president, the position is unusually powerful in setting the policy agenda, a role Draghi mastered when he staved off the currency bloc’s demise with a few well chosen words. But when asked who was the most likely to win, well over a third of economists polled picked Liikanen, with the remainder almost equally split between French central bank chief Francois Villeroy de Galhau, Finnish central bank Governor Olli Rehn, Weidmann and Coeure.
The selection process is expected to start after European elections in late May and the ECB job is likely to be part of wider horse-trade of top jobs along with the head of the EU Commission and Council. The next ECB president will have to carefully balance Germany’s demand for policy normalization after years of central bank support and the need for further policy stimulus for other euro zone countries like Italy, which is in recession.
Benoit Coeure, board member of the European Central Bank , is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. Picture taken May 17, 2017. REUTERS/Kai Pfaffenbach
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