Germany Pushing for Weidmann to Succeed Draghi

Germany is said to be pushing for Bundesbank President Jens Weidmann to succeed Mario Draghi as the President of the European Central Bank, according to newspaper reports.

Spain’s El Mundo reported that the presidency of the German hawk would be counterbalanced with a Vice-President from a southern European country, which reportedly puts Spain’s Economy Minister Luis de Guindos in a good position to change from the Spanish government to the ECB.

This is not the first time that Germany is reported to push for a German to take on the ECB Presidency, although so far the largest Eurozone economy hasn’t been successful and previous Bundesbank President Axel Weber, once topped to become the new ECB head, chose to move to the private sector instead.

With the ECB very cautiously taking the foot off the accelerator, the prospect of a hawk at the ECB could fuel tapering speculation again, although Draghi’s presidency still runs until 2019.

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