On Tuesday 27 February, the economic and financial affairs ('ECON') committee of the European Parliament supported (27 votes to 14 with 13 abstentions) the appointment of Luis de Guindos, currently the Spanish Finance Minister, to the vice presidency of the European Central Bank (ECB).
The voting took place by secret ballot. However, according to several parliamentary sources, the EPP and ALDE groups supported de Guindos' candidacy. The GUE/NGL and Greens/EFA reportedly voted against and the majority of the S&D group abstained.
This consultative vote followed the MEPs' hearing, the day before, of de Guindos, in line with the rules of the treaties. The outgoing Spanish minister is reported to have told certain MEPs not in favour of his appointment that he strongly defended the independence of the ECB. He had previously stressed the merits of his application, notably on the grounds of his economic and political experience and his management of the economic crisis, both internally and at Eurogroup level.
On the substance, de Guidnos called for a slightly lower inflation rate, but close to 2%, as required by the ECB mission. He also called for Banking Union in the Eurozone to be completed via the setting in place of the European Deposit Insurance System (EDIS) and the backstop of the Single Resolution Fund, in the form of a line of credit from the European Stability Mechanism (ESM).
Fury at a process that leaves the Parliament out
The MEPs expressed their grave concerns at the process to appoint ECB officials. This concern was the subject of an amendment calling for changes to the procedure, tabled by Pervenche Berès (S&D, France) and approved by most of the political groups (EPP, S&D, ECR, ALDE, GUE/NGL, Greens/EFA).
When de Guindos and Philip Lane, the governor of the Irish Central Bank, were still both in contention for the post, the ECON committee heard them on 14 February. Following this hearing, the MEPs expressed their preference for Lane (see EUROPE 11962). They also regretted the fact that no women had stood for the position.
Despite this recommendation, the finance ministers made a formal recommendation to the European Council on 20 February for de Guindos to take over from Portugal's Vitor Constâncio (see EUROPE 11965), whose term in office will expire at the end of May. Lane bowed out of the race the day before, leaving the way clear for the Spanish minister (see EUROPE 11964).
The heads of state or government must now approve this decision at the meeting of the European Council to be held on 22 and 23 March. (Original version in French by Lucas Tripoteau)