European Central Bank: Three candidates for the post of Andrea Enrea – Financial Postman

Three women have emerged as the main candidates to head the supervisory board at the European Central Bank, with Germany’s Claudia Boch seen as having advanced significantly, according to sources close to Frankfurt.

The European Central Bank supervises more than a hundred of the largest banks in the eurozone, and will be called upon at the end of the year to replace the current Chairman of the Supervisory Board, Andreas Enreas, as his five-year term expires at the end of this year.

Almost all sources indicated to Reuters that the current vice-president of the Bundesbank is the absolute candidate for the position. According to the same sources, the Spanish Margarita Delgado and the Irish Sharon Donnery are among the most likely candidates to succeed Enria.

What all the sources, who spoke on condition of anonymity, agreed upon was that choosing a woman for the position was necessary to bridge the racial imbalance in the ranks of the central bank. Twenty-four of the current 26 board members are men, and the picture on the supervisory board is marginally better.

According to the same sources, the three women have the necessary qualifications to fill this position, and therefore gender will only be a factor in the decision. However, none of the three aforementioned have expressed interest in the position at this time.

Candidate profiles

Buch, a former member of the German Council of Economists, is favored because she has the backing of Germany, the eurozone’s largest economy, and has a wealth of experience running large institutions. He has little supervisory experience – a potential drawback – but was recently elected to the supervisory board following the recent Bundesbank restructuring.

Delgado, the deputy governor of the Spanish central bank, is seen as a high-ranking official with plenty of experience, yet Spain already holds the position of vice-president of the European Central Bank, which is a problem as the EU tries to divide jobs among its members.

The sources said Donnery, deputy governor of the Central Bank of Ireland, was seen as the least likely. He was among the potential candidates five years ago when Enria was chosen. A number of important financial positions are already held by Irish officials.

Some sources have also pointed to Stefan Ingvis, the former governor of the Swedish central bank, as a possible candidate with the appropriate qualifications.

The sources added that the selection process has not started yet, so all discussions about the candidates are still informal. The announcement of the position may be announced next fall.

The new chair of the Supervisory Board is chosen by the Governing Council of the European Central Bank and will be formally appointed by the Council of the European Union after approval by the European Parliament.