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Wellink Calls Hoogduin a Good Candidate for ECB Executive Board

May 27 (Bloomberg) -- European Central Bank Governing Council member Nout Wellink said Lex Hoogduin, who leaves the Dutch central bank in July, would be a “good candidate” for the ECB’s executive board.

“If posts become available, then it would be very good for the Netherlands to put him forward,” Wellink, who also heads the Dutch central bank, said in an interview in Amsterdam today. “But political elements continue to play a role, unfortunately.”

Hoogduin, who was seen as a possible successor to Wellink, last week announced his resignation after Finance Minister Jan Kees de Jager picked top civil servant Klaas Knot to lead the bank in July. Hoogduin, 54, a former adviser to late ECB President Wim Duisenberg, joined the Dutch central bank’s governing board in 2009.

“It depends on what will happen with the post of Bini Smaghi, who will fill that, and that depends on what happens next year with the Spaniard in the ECB’s executive board,” Wellink said, referring to Jose Manuel Gonzalez-Paramo, whose term ends in May 2012.

“I don’t know what has been agreed between the French and the Italians about the possible replacement of Bini Smaghi,” Wellink said. Lorenzo Bini Smaghi’s term ends in May 2013.

De Jager said the Frankfurt-based ECB’s executive board needs more members from fiscally prudent countries such as Germany or the Netherlands, Financial Times Deutschland reported yesterday, citing an interview.

To contact the reporter on this story: Jurjen van de Pol in Amsterdam at jvandepol@bloomberg.net.

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net.

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