ECB Contender Counts on ‘Merit’ Featuring in Race for Draghi Job
ECB Contender Counts on ‘Merit’ Featuring in Race for Draghi Job
(Bloomberg) -- Olli Rehn, one of the candidates to replace Mario Draghi, said he’s counting on the region’s leaders to make their selection for the next European Central Bank president on “merit.”
The comments by the Bank of Finland governor provide a hopeful observation on a contest between European Union countries that is destined to be driven above all by nationality. A northern European candidate is likely to clinch the job and Rehn’s own chances depend on the need for a compromise if France and Germany can’t agree on one of their own.
“I trust that the leaders of the EU or the euro zone will appoint the next ECB president on the basis of merit,” Rehn said in an interview. “Somebody who has a strong competence in economic and monetary policy making in Europe and who has broad trust across Europe.”
The bloc’s leaders are likely to wait until after the European Parliament elections in late May before choosing the president as part of horsetrading on a series of senior EU roles. Contenders for Draghi’s job include Rehn, his predecessor Erkki Liikanen, Bank of France Governor Francois Villeroy de Galhau, ECB Executive Board member Benoit Coeure and Bundesbank President Jens Weidmann.
The Bank of Finland governor, a former European Commissioner for economic and monetary affairs, insists he will carry on pursuing his current role constructively in the meantime.
“I’m concentrating on doing my job at the Bank of Finland as best as I can, and providing an active and constructive contribution to the Governing Council at the ECB,” Rehn said.
To contact the reporters on this story: Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.net;Kati Pohjanpalo in Helsinki at kpohjanpalo@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Craig Stirling, Jana Randow
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