EU Economics

Merkel bid to control Euro: Angela pushes for GERMAN to replace Draghi as ECB President

GERMANY will make a play to push one of their own to the top of the European Central Bank, it has been claimed.

Angela Merkel, the nation’s chancellor and finance minister Wolfgang Schaeuble, are planning to replace Italian Mario Draghi with Bundesbank President Jens Weidmann, reports suggest.Draghi’s eight-year term is not up until the end of 2019, but German Spiegel magazine has reported the Chancellor and her europhile minister have demanded it is ‘Germany’s turn’ to lead.

According to a pre-release of an upcoming article, published Friday, Weidmann is willing to accept the post.

The position at the head of the ECB is highly sought after with many countries expected to call its for themselves.

Euro control? Merkel pushes for Mario Draghi jobGETTY                Angela Merkel is making a premature push for Mario Draghi’s post to be filled by German

Angela MerkelGETTY              Angela Merkel wants a German head of the ECB to replace Mario Draghi

But the fourth guardian of the single currency could well be from Merkel’s country since the post has previously been from the Netherlands, France and Italy.Bank of France Governor Francois Villeroy de Galhau is tipped to be pushed for the post by Emmanuel Macron.

In Spain a seat on the Executive Board of the ECB has not been held since 2012.

Politicians there will be expected to argue for one of the management panel’s six posts.

Jens Weidmann with Wolfgang Schaeuble GETTY           Jens Weidmann is tipped to be Angela Merkel’s choice for ECB president

Any candidate requires an endorsement by all European Union finance ministers and must go through a hearing at the European Parliament.The parliament has no power to block ECB appointments.

A German government spokesman said there is “no need” for debate around Draghi’s succession at this time, as did a spokesman for Bundesbank.

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