Mersch to Take Up ECB Position by Mid-November, Juncker Says
Luxembourg’s Yves Mersch will join the European Central Bank’s board by mid-November, unaffected by European lawmakers’ objections, Luxembourg Prime Minister Jean- Claude Juncker said.
Mersch’s appointment has been held up by the European Parliament, which last week issued its first-ever negative opinion on an ECB candidate in a symbolic protest against the shortage of women in top European jobs.
The Parliament’s non-binding opinion left the final say with leaders of the 17 euro-area governments, which unanimously nominated Mersch for the ECB’s six-member Frankfurt-based Executive Board in July.
“I would say that Mr. Mersch will be in Frankfurt by mid- November,” Juncker, who chairs meetings of euro finance ministers and helped engineer the appointment, said in an interview in Luxembourg today.
The selection of Mersch, 63, marks a victory for German- style monetary rigor after financially ailing Spain unsuccessfully sought to hold on to the ECB post, which has been vacant since June 1. As Luxembourg’s representative on the ECB’s wider policy-setting Governing Council, Mersch is the euro area’s longest serving central-bank chief and has earned a reputation as an inflation hawk.
The 27-nation European Union assembly undercut its case against Mersch by praising his qualifications and mustering a vote of only 325 to 300 with 49 abstentions against the circumstances of his appointment.
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