As Mario Draghi’s term as President of the European Central Bank expires in 2019, speculation on his succession is rising. German media have long speculated that neither Italy nor France would be willing to consider a German candidate. On Friday, Der Spiegel reported that France and Italy may agree to a German President for the ECB, provided that is not the Bundesbank’s Jens Weidmann.

As Mario Draghi’s term as President of the European Central Bank expires in 2019, speculation on his succession is rising.

German media have long speculated that neither Italy nor France would be willing to consider a German candidate. On Friday, Der Spiegel reported that France and Italy may agree to a German President for the ECB, provided that is not the Bundesbank’s Jens Weidmann.

Der Spiegel cites sources close to finance minister Wolfgang Schaeuble, although the German ministry neither confirms nor denies the publication Reuters reports.

The Italian government denied the accuracy of the report. One French candidate for the post is the Governor of the Bank of France Francois Villeroy de Galhau.

Weidmann has been a staunch opponent of the ECB’s quantitative easing programme, along with the German government and the German Federal Court.

The policy objection remains relevant. For instance, the ECB’s chief economist, Peter Praet, made clear in an interview with De Tijd on Saturday that fiscal stimulus remains necessary for as long as inflation is below the 2% target.

https://www.neweurope.eu/article/france-italy-not-eager-see-german-successor-mario-draghi/

Διαβάστε ακόμα