Juncker re-appointed as Eurogroup president
By Jim Brunsden - 18.01.2010 / 23:50 CET
Luxembourg's prime minister announces creation of Eurogroup secretariat.
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© 2013 European Voice. All rights reserved.
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EU bank resolution authority needs a 'sold legal base', says German finance minister. |
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In legal opinion, Germany's central bank attacks eurozone rescue measures. |
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Distinguishing between foreign and domestic debt is crucial to understanding the role of austerity |
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Fact file
Eurozone finance ministers postponed a decision on who should
replace Lucas Papademos as vice-president of the European Central Bank.
There are three candidates in the frame to replace the Greek, whose
eight-year term expires on 31 May. They are Peter Praet, the director of the National
Bank of Belgium, Yves Mersch, the governor of the Bank of Luxembourg, and Vítor
Constâncio, the governor of the Bank of Portugal.
All three
candidates have been put forward by their respective governments, which are
lobbying for support from other member states. They were heard by the European
Parliament's economic and monetary affairs committee on Thursday (14 January),
which said all three possessed the necessary qualifications and experience to
be an ECB vice-president.
Juncker said
that ministers had delayed the decision because of uncertainty over voting
procedures. He hinted at fears that no one candidate would get qualified
majority from the Eurogroup, leading to deadlock.
“There are three candidates, we have never
had that in the past,” Juncker said. “We can't rule out a situation where two
candidates have exactly the same number of votes,” he added. He said that
ministers had requested the Council's legal service to give an opinion on the
matter.
Papademos's replacement must be agreed by qualified
majority vote of eurozone heads of state and government. Finance ministers want
to reach an agreement that would then be rubber stamped at a forthcoming
meeting of the European Council.
It is undemocratic that the ECB can set the eurozone-wide inflation target unilaterally.
A debt-mutualisation scheme for the eurozone must satisfy three crucial requirements.
Distinguishing between foreign and domestic debt is crucial to understanding the role of austerity
London position as a global financial centre is under threat
Deputy secretary-general at the Elysée, Emmanuel Macron
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