2023-09-20 17:22:56
The decision of the governing council of European Central Bank (ECB) to appoint the vice president of the Bundesbank, Claudia Buchas the new head of the banking supervisionturning a deaf ear to the proposal of the economic affairs committee of the European Parliament to appoint the deputy governor of the Bank of Spain, the Spanish Margarita Delgado, has generated discomfort in the institution but not to the point of taking up arms against Christine Lagarde. The economic affairs committee of the European Parliament has given green light for appointment of the German – 29 in favor, 23 against and 2 abstentions – which paves the way for the first vice president and minister of economy, Nadia Calvinoto the presidency of the European Investment Bank.
Many of the explanations that the German had to give this Wednesday during her appearance before the parliamentary committee have referred to the pulse of the ECB and the decision of the European Parliament to “unanimously” support Delgado’s candidacy last July, considering that it was the most qualified for the position. “She knows that we approved a unanimous opinion regarding her selection. An opinion that has not been fully taken into account. The European Parliament is talked about as a key ally but our opinion has not been taken into account,” complained the Flemish MEP. Johan van Overtveldt. who has alluded to the fact that the appointment is part of a package of future appointments which would call into question the independence of the ECB.
“This seems regrettable to me and sets a very bad precedent and we do not see how our inter-institutional relations are going to work,” he added. Ernest Urtasun, from Catalunya en Comú, whose group, the Greens, voted against. Even the socialist Jonas Fernandez has disgraced him for still being a substitute member of the ECB supervisory board when it could represent a conflict of interest. The plenary session of the European Parliament will now have to rule, in October, on the recommendation of the economic affairs committee. The Twenty-Seven will also have to approve the appointment.
No conflict
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“I don’t see any conflict because the current procedure has not ended. “It’s a matter of time,” Buch said. “The ECB is aware. I have no information from legal services that this could be a problem. I will resign from office in any case. “For me it is clear that I cannot be chosen as a member of the supervisory mechanism and the supervisory board of the ECB,” the German clarified, insisting that she is “comfortable” with her candidacy, that the process has been “clean” and that she trusts their “experience” and “knowledge”.
During the presentation of her credentials, the vice president of the Bundesbank used her resume to underline her suitability for the position. “I have extensive international experience in micro and macroprudential supervision. As vice president of the Bundesbank I am responsible for banking supervision and financial stability, I am a member of the ECB supervisory board and deputy vice president on behalf of the Bundeesbank responsible for the G7 and G20,” she indicated, ensuring that she sees the European Parliament as a “crucial ally ” and committing to continue the “close collaboration.” With her appointment, Calviño’s chances of becoming president of the EIB increase – a position for which the Dane opts. Margrethe Vestager– since it is difficult for Spain to achieve two high positions of this type at the same time.
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