germany clears path for \super mario\ as ecb chief
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

Berlin's own plans for the succession

Germany clears path for \'Super Mario\' as ECB chief

Arab Today, arab today

Arab Today, arab today Germany clears path for \'Super Mario\' as ECB chief

 Mario Draghi recently hailed the country as "an example" for the rest of Europe
BERLIN - AFP

 Mario Draghi recently hailed the country as \"an example\" for the rest of Europe Germany appears to be coming round to the idea of a former Goldman Sachs executive from Italy as Europe\'s top banker, having failed to install its own choice as the next European Central Bank chief.
While the official line from Berlin continues to be that it is too early to speculate on who succeeds France\'s Jean-Claude Trichet at the helm of the ECB, recent leaks suggest Germany could live with Mario Draghi, dubbed \"Super Mario.\"
Respected business daily Handelsblatt reported this week that German Finance Minister Wolfgang Schaeuble was lobbying behind the scenes for the current Italian central bank chief to take the job when Trichet steps down in October.
\"Schaeuble prizes Draghi\'s good reputation as a central banker, his integrity and his personality,\" the newspaper cited an unnamed high-level German government official as saying.
On Wednesday, the same newspaper quoted a source from Chancellor Angela Merkel\'s junior coalition partners as saying: \"There is no alternative to Draghi. We will support the Italian.\"
With the eurozone undergoing an unprecedented deficit and debt crisis and analysts speculating that Spain might be the next domino to fall, the job of Europe\'s monetary guardian or \"Mr Euro\" could hardly be more important.
Berlin\'s own plans for the succession were thrown into disarray when the frontrunner for the job, Axel Weber, head of the powerful German central bank, stepped down surprisingly and ruled himself out of the race.
Germany\'s main criterion for the job is that the next president must stick to its own \"stability-oriented\" culture -- jargon for keeping a firm lid on inflation and making sure member states do not run up enormous public deficits.
\"The passport is not the main thing,\" Merkel\'s spokesman said in February.
Deputy government spokesman Christoph Steegmans repeated the official line Wednesday, telling reporters: \"The decision about the ECB president\'s successor will not be taken before the end of June and therefore the government will decide closer to the time.\"
But Klaus-Peter Flosbach, an MP from Merkel\'s conservatives, spoke for many Germans, telling AFP: \"The ECB has to be a haven of price stability. For us, it is essential that its president guarantees monetary policy stability.\"

Mindful of the importance of Europe\'s top economy for any nomination, Draghi recently hailed Germany as \"an example\" for the rest of Europe -- in the German press.
Seen as a smooth communicator and a respected central banker, Draghi has impressed as head of the Financial Stability Forum, a global body set up to develop regulatory and supervisory policies after the 2008 global crisis.
\"Judging by his performance, both at the Bank of Italy and at the Financial Stability Board, I would say there is nothing you could say against him,\" Holger Schmieding, an ECB watcher at Berenberg Bank, told AFP.
\"He seems to be doing a very good central banking job. It\'s very difficult to see political alternatives.\"
But despite remarks to the contrary, Draghi\'s nationality will undoubtedly count against him to an extent, with Italy historically not among the most fiscally prudent of eurozone member states.
Another disadvantage is that the vice-president of the institution, Vitor Constancio, comes from Portugal -- another southern European country and one moreover negotiating and EU-IMF debt bailout -- and the EU strives for a geographical balance in its appointments.

Finally, his professional background has caused grumbling. He was a top executive at Goldman Sachs, a US investment bank some have alleged helped Greece hide the true state of its finances from outside scrutiny.
Merkel herself is said to have some doubts. \"A southern European would not be a good signal,\" sources close to the chancellor told Handelsblatt.
Schmieding said the Chancellor is likely to extract her pound of flesh for the move, as having a non-German at the helm represents a major concession for Berlin.
\"I think she will use it as a kind of bargaining tool,\" he said, perhaps forcing through the tougher economic reforms she believes are necessary to drag the eurozone out of its debt crisis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany clears path for \super mario\ as ecb chief germany clears path for \super mario\ as ecb chief

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany clears path for \super mario\ as ecb chief germany clears path for \super mario\ as ecb chief

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday