As expected, government council European Central Bank (ECB) chose this Wednesday Claudia BuchDeputy governor of the German central bank applicant chair the council Single Supervision Mechanism (SSM)the area responsible for the control of monetary authority 109 largest banks From 21 of the 27 EU countries. number two Bundesbankprofiled theoretical economist Erdoğan, who did not deal with banking supervision in his country until last April, thus found himself Margarita DelgadoEven though he was deputy governor Bank of Spain accumulate more 30 years of experience At all levels of banking supervision, both in the Spanish organization and in the ECB itself.
The highest governing body of the euro central bank made the following decision: ignore European Parliament. After hearing the two candidates behind closed doors in mid-July, their spokesmen economic commission unanimously evaluated it Thin there was most suitable profile They said Buch was up for the position and informed him: letter To the ECB president. emerging from there doubts what about? Christine Lagarde I preferred the German one: several MPs You they blamed Last week on ‘Bloomberg’ not sharing letter with other members of the governing council.
There is a monetary authority officially rejected This is in the note that announced the candidacy of the Bundesbank’s number two on Wednesday. “Opinions of the economic commission coordinators shared with the governing council. vote was carried out by voting in the management council hidden and the majority decided in favor of Claudia Buch,” he pointedly noted. In any case, if to touch between European Parliament and ECB leadership It could derail the German’s last appointment and prompt a new decision. Delgado’s luck.
key vote
Parliament thus must approve Buch’s appointment is for this to be effective. The economic commission will hold a meeting in a few days. public audience The German will work with the candidate and then its members will hold a vote. draft decisionWhich will be upgraded later full chamber for approval or rejection. If the chamber opposes this appointment, the ECB “may refer to this decision” Candidates who first applied for the position “According to the agreement reached with the parliament in 2013, or restart the election process”. However, if the parliamentarians approve, Buch’s appointment will go to the EU Council and will have to make the final decision in 2013. qualified majority.
On the other hand, the fact that the German was nominated also seems to be increase the possibilities vice president of economics, Nadia Calvinoto assume the presidency European Investment Bank (EIB) Starting from January, for this position compete mainly with the Danish European Commissioner Margrethe Vestager. Calviño’s decision to run was a parallel process to that of MUS. Options removed from Delgadobecause it is not very common for two people from the same country to be elected almost simultaneously to two relevant positions in Europe.
overrepresentation
Besides, there are already two Hispanics in relevant positions European banking structure: Luis de Guindos (ECB vice president) and José Manuel Campa (European Banking Authority). AND Germany -The first economy of the Eurozone- loss two important positions (presidencies) in recent months Single Resolution Mechanism And European Stability Mechanism) and another (his own) about to give way EIB). Therefore, Delgado could not benefit from this right. balances What will Member States do? share the power in community institutions.
About the alleged Lagarde’s choice On the other hand, according to Buch, all kinds of theories in the world of auditing and banking, but no certainty. There are those who attribute this to the French woman’s desire to gain Germany’s support. Replacing Ursula von der Leyen next year as president of the European Commission. There are those who claim that this is a strategic step. avoid Next ECB president is German for the first time (this does not make much sense, since the presidency of the ECB and the SSM already coincides with two people from the same country: Italians Mario Draghi and Andrea Enria). And there are those who argue that Lagarde would rather have Buch. more control About MUS. But today these are basically typical speculations about such processes.