Spanish Finance Minister Backed for Leading ECB Job

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Monday, Feb 19 2018

Spanish Finance Minister Backed for Leading ECB Job

Finance ministers from the 19-country eurozone on Monday endorsed Spain's Luis de Guindos for the coveted post of European Central Bank vice president, after Ireland withdrew the only other candidate. European Union leaders are expected to anoint de Guindos at a summit on March 22-23, after seeking the opinion of EU lawmakers and the ECB, which oversees the euro currency. Once that is done, de Guindos will replace Vitor Constancio on June 1 and serve a non-renewable eight-year term.

De Guindos has been Spain's top economy official since late 2011 and has been credited with helping to steer the eurozone's fourth-largest economy back to health following the bursting of a property bubble that triggered worries over the country's banking sector and contributed to a skyrocketing in unemployment. He said Monday he plans to resign as Spain's economy minister "in the next few days." His appointment will plug a Spanish gap at the top of the European Union's institutions. No Spanish official holds any other senior EU post. Spain has also been absent from the ECB board for almost six years.

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