The ECB Governing Council’s choice to appoint Claudia Buch, the vice president of the Bundesbank, as the new president of banking supervision signaled a shift in the European Union’s financial oversight. The move, which followed a preference for Margarita Delgado, the deputy governor of the Bank of Spain, did not trigger a broad backlash within the institution, nor did it derail Christine Lagarde’s leadership. The European Parliament’s Economic Affairs Committee gave preliminary clearance for Buch’s selection, a vote that moved the process forward toward final confirmation by the plenary session and the Twenty-Seven member states.
During a parliamentary appearance on Wednesday, Buch answered questions about the ECB’s stance and the Parliament’s previous unanimous endorsement of Delgado’s candidacy. A Flemish deputy, Johan van Overtveldt, noted that the committee had already expressed a unanimous opinion in support of Delgado and suggested that the current decision might test the independence of the ECB. He argued that accepting this appointment as part of a broader package could set a negative precedent for inter-institutional cooperation. Ernest Urtasun, from Catalunya en Comú, joined in concerns raised by some colleagues who viewed the appointment as potentially creating conflicts of interest given current ECB supervisory board ties. The European Parliament’s plenary session will review the committee’s recommendation in October, and the final approval rests with the Twenty-Seven members.
no conflict
Buch stated there is no contradiction and that the process remains ongoing. She noted that the ECB is aware of the legal considerations and that no current legal advisory opinion indicates a problem. If needed, she would resign from her current post. She emphasized that the supervision mechanism at the ECB and the supervisory board member positions remain clear in her view, and she expressed confidence that she would not be selected as the ultimate leader of the ECB’s supervisory framework.
In presenting his credentials, the Bundesbank vice president highlighted his extensive international experience in both micro and macroprudential supervision. He outlined responsibilities in banking supervision and financial stability as a central figure at the Bundesbank, where he also serves on the European Central Bank’s supervisory board and represents the bank on G7 and G20 matters. The Parliament is viewed as a crucial ally, with a commitment to maintaining close cooperation. His appointment could strengthen Nadia Calviño’s bid to become president of the European Investment Bank, a role widely supported by policy circles in Northern Europe, while presenting a challenge for Spain to hold two such high-profile positions simultaneously. The discussions reflect ongoing negotiations among EU institutions about leadership roles in key monetary and financial agencies.