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Caruana Says He’s ‘Obviously Not’ Candidate to Replace Trichet

Jaime Caruana, general manager of the Bank for International Settlements, said he’s “obviously not” a candidate to replace Jean-Claude Trichet as president of the European Central Bank.

“There are very good candidates” for the job, Caruana, who sat on the ECB’s governing council when he was governor of the Bank of Spain, told reporters after making a speech in Madrid today. He declined to say who he considers candidates.

Bundesbank President Axel Weber is the favorite to succeed Trichet as the euro region’s top monetary-policy maker, according to Jean Pisani-Ferry, a former European Union adviser who runs the Bruegel Research Institute in Brussels. Trichet’s term at the ECB ends in October.

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