Candidates prepare to run for European Bank post

European Union governments are marshalling their candidates to succeed European Central Bank Vice-President Mr Christian Noyer…

European Union governments are marshalling their candidates to succeed European Central Bank Vice-President Mr Christian Noyer when he steps down on May 31st.

But Belgian central bank governor Mr Guy Quaden today removed his name from the shortlist of candidates that is being drawn up ahead of the EU summit in Barcelona on March 15th-16th.

Austria, Belgium, Greece, Ireland, Luxembourg and Portugal all missed out on having a representative on the bank's first board, which was appointed with most members serving staggered terms of less than eight years.

Starting with Mr Noyer's replacement, all new board members will be appointed for an eight-year term, with the smaller euro zone states seen getting their turn to provide the new blood.

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Euro zone finance ministers must quickly find a common view on who should get the vice president's job, as their joint recommendation is expected to be submitted to EU leaders for approval in Barcelona.

Spanish Finance Minister Mr Rodrigo Rato, who chairs the finance ministers' meetings and will lead the effort to find the next vice president, last week invited countries to start putting forward their candidates' names.

The euro zone has a number of bankers qualified for the vice president's job, but some countries already may be looking beyond that immediate opening to other board positions coming free in the next few years.