ECB’s new VP will ‘probably’ be Spanish

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ECB’s new VP will ‘probably’ be Spanish

THE EUROPEAN CENTRAL BANK (ECB)’s vice-president position, currently held by Vitor Constancio who has until May next year to stand down, will probably go to a Spanish candidate, Economy Minister Luis de Guindos said in comments published in the Spanish press on Tuesday.

Spain has not held a position on the ECB’s executive board since 2012 after the exit of Jose Manuel Gonzalez Paramo.

“I’m convinced that the position will go to Spain,” de Guindos said.

The ECB’s executive board is charged with implementing monetary policy for the 19 member states that use the euro and consists of the president, vice president and four board members. All executive board members are appointed for an eight-year term that cannot be renewed.

De Guindos also dismissed rumours that he was a candidate for the position of Eurogroup head, currently held by Jeroen Dijsselbloem.

De Guindos has been considered in Brussels political circles as one of the main candidates to head up Eurogroup – an informal body where the ministers of the euro area member states discuss matters relating to their shared responsibilities related to the euro.

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