Setback for De Guindos in BCE job bid

A European Parliamentary majority prefers Philip Lane, currently head of the Bank of Ireland, to replace outgoing Vítor Constáncio as he has more experience in the type of role in question.

De Guindos' experience in economics has been more political, and he has had little contact with monetary issues such as setting interest rates.

European Commissioner for Economic Affairs, Roberto Gualtieri, said after the behind-closed-doors interviews with De Guindos and Lane separately that both candidates had given a good presentation.

But MEPs in general were 'more convinced' Lane would be better for the role as right-hand man for BCE chairman Mario Draghi.

Some political parties in European Parliament 'expressed reservations' about De Guindos, although neither the nature of these nor the groups in question have been revealed.

Although the preference for Lane is a setback for De Guindos, it will not be the European Parliament which makes the final decision – nor even the BCE itself.

The Council of Europe, made up of the heads of State of the 28 member countries, will pick the eventual vice-chair.

To be successful, a candidate has to be voted for by at least 14 member States whose joint population represents a minimum of 65% of the European Union.

De Guindos assures he has support from enough EU leaders and that 'what is important' is their vote, whatever preferences other bodies in the Union express.

The Spanish economy minister has hinted he has Germany's backing in exchange for Spain's supporting Bundesbank governor Jens Weidman next year in his bid for Draghi's job as BCE chairman.

France is also said to have agreed to vote for De Guindos, and even Portugal – the native country of the soon-to-be-leaving Constáncio – and Slovakia, despite both of these having left-wing governments and De Guindos being a member of the right-wing PP.

Spanish socialist MEP José Blanco, who was government spokesman during former president José Luis Rodríguez Zapatero's reign from 2004 to 2011 inclusive, may have been one of those who 'expressed reservations', as Gualtieri expained.

Blanco criticises De Guindos' 'exceptionally poor management of Spain's finances and economy' and possible conflicts of interest due to his having headed up Lehman Brothers in Spain when the investment bank went under, causing clients to lose their savings, a view shared by Spanish MEP for left-wing party ICV, Ernest Urtasun, who was present at the interviews yesterday (Wednesday).

De Guindos' being a minister is not in his favour, according to MEPs, since he is not politically-neutral as the job requires, and many are calling for the position to go to a woman, since females are under-represented in key roles in the EU.

Gualtieri says it is 'a shame' that no female candidates have applied 'as requested' ahead of the job being advertised.

This said, De Guindos recalled that five key jobs in the BCE are due for renewal in the next two years and that it is perfectly feasible women candidates would apply and be chosen.