Spain's Economy Minister Luis de Guindos answers journalists during a Eurogroup meeting at the EU headquarters in Brussels on Monday (AFP photo)

BRUSSELS — Eurozone finance ministers on Monday chose Spanish Economy Minister Luis de Guindos to succeed European Central Bank (ECB) Vice President Vitor Constancio in May, a move likely to boost the chances of a German becoming head of the ECB next year. The choice of a southerner like de Guindos for vice president increases the chances that a northerner like German central bank governor Jens Weidmann could be elected to replace Mario Draghi as the ECB head in 2019. “The Eurogroup (of euro zone finance ministers) today gave its support to the candidacy of Luis de Guindos for the position of Vice President of the European Central Bank (ECB),” an EU statement said after a brief discussion among finance ministers. Last week it was revealed the economic committee of the European Parliament sees Irish central bank governor Philip Lane as a stronger candidate for the post of European Central Bank vice president than Spanish economy minister Luis de Guindos. What was said:

The economic committee of the European Parliament chairman Roberto Gualtieri said in a statement:

Sven Giegold, the spokesman for economic and financial affairs for the Greens/EFA Group in the European Parliament, said:

The appointment will be the first in a reshuffle in positions within the central bank that could change the course of its monetary policy. Spain, the euro zone’s fourth-largest economy, has not had a representative on the executive board of the ECB since Jose Manuel Gonzalez-Paramo’s term ended in 2012. Ireland has never held a post in the ECB at all, but Lane is widely seen as a top candidate to become ECB chief economist when Peter Praet leaves his position next year, euro zone officials said. “It looks like that is the case,” one euro zone official said. “But it is a chess game and we don’t know all the players yet. Lane would be well placed as chief economist, but Weidmann depends on the distribution of the big jobs in 2019.”

The “big jobs” include the head of the European Commission, the chairman of European Union leaders and the head of the European Parliament -- all of which will come up for replacement in 2019. Euro zone officials said Weidmann could get the ECB top job if, for instance, a Frenchman became the head of the European Commission -- someone like the EU’s chief Brexit negotiator Michel Barnier or the head of he IMF Christine Lagarde. Picking the Bundesbank chief for the ECB presidency may be tricky, even though Weidmann is considered a top-notch central banker, because he has alienated some officials with his opposition to the ECB’s ultra easy monetary policy, which is credited with reviving economic growth. Some other central bank governors regarded this as disloyalty in a time of crisis. Weidmann has also ruffled some political feathers, engaging in public exchanges with former Italian prime minister Matteo Renzi by criticising Rome’s performance in cutting its debt. After joining the losing side in the ECB’s biggest decisions to stimulate the economy, Weidmann could also struggle to unite the Governing Council, which rarely takes votes and strives for the broadest possible consensus.
Spanish Minister of Economy and Competitiveness, Luis de Guindos, is set to be nominated by the Eurogroup to succeed Vítor Constâncio as Vice-President of the European Central Bank.