Parliament endorses Luis de Guindos as new ECB Vice-President

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  331 votes in favour, 306 against and 64 abstentions
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  MEPs voice concerns about gender balance, selection procedure, timing of the appointment and political independence
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  Call to improve selection process for future nominations

Mr Luis de Guindos has won Parliament’s backing to become Vice-President of the European Central Bank, but MEPs want to improve the process for future nominations.

Parliament delivered a favorable opinion on former Spanish Finance Minister Mr de Guindos’ candidature for the ECB post on Wednesday, but nonetheless stated “concerns regarding gender balance, the selection procedure, the timing of the appointment and political independence”.

MEPs also want the Council to engage in a dialogue with Parliament on how to improve the process for future appointments.

Next steps

After receiving the non-binding opinions of Parliament and the ECB Governing Council, the European Council plans to take a final decision on Mr De Guindos’ appointment at its summit in Brussels on 22-23 March.

Mr De Guindos would take office on 1 June, for an 8-year, non-renewable mandate. He will replace Portuguese national Vítor Constâncio.

Background

Parliament must be consulted on the candidate decided by EU i finance ministers, but has no formal right to veto the appointment. Mr De Guindos became the only contender for the post when the only other candidate, Irish central banker Philip Lane, withdrew his candidature.

Mr De Guindos’ nomination was approved by the Economic and Monetary Affairs Committee on 27 February, following a hearing before MEPs.