Juncker to step down as head of Eurogroup. Who will replace him?

[DCon]

Seems if/when Juncker steps down from the eurogroup, there could be a bit of a power struggle.

The Comish want Olli to be in charge, Austria do not want a Finance Minister and they want the candidates restricted to Leaders from AAA club





http://blogs.wsj.com/brussels/2012/0...place-juncker/

[DCon]

Seems if/when Juncker steps down from the eurogroup, there could be a bit of a power struggle.

The Comish want Olli to be in charge, Austria do not want a Finance Minister and they want the candidates restricted to Leaders from AAA club





http://blogs.wsj.com/brussels/2012/0...place-juncker/

just saw a headline flash across CNBC that Merkel wants Schauble to chair the eurogroup. Surprise surprise!


From Wikipedia

Wolfgang Schäuble [ˈvɔlfɡaŋ ˈʃɔʏblə] (born 18 September 1942) is a German politician of the Christian Democratic Union (CDU), currently serving as the Federal Minister of Finance in the Second Cabinet Merkel.

From 1984 to 1991 he was a member of Helmut Kohl's cabinet, first as Federal Minister for Special Affairs of Germany and Chief of the Chancellery and then as Federal Minister of the Interior. Between 1991 and 2000, he was chairman of the CDU/CSU group in the parliament, and from 1998 to 2000 also CDU party chairman. He served again as Federal Minister of the Interior in the First Cabinet Merkel from 2005 to 2009

[DCon]

Story here http://www.telegraph.co.uk/finance/f...up-report.html

The Financial Times Deutschland, quoting sources in Brussels and other European capitals, said that Ms Merkel has been lobbying other government chiefs for Schäuble, 69, to take over from Luxembourg Prime Minister Jean-Claude Juncker when he steps down in June.

Mr Schäuble was seen as having the best chances at the moment after other potential candidates such as Italian premier Mario Monti and Finnish prime minister Jyrki Katainen have turned the job down, the newspaper quoted the sources as saying.

But there was resistance in Paris, where President Nicolas Sarkozy was concerned that Germany's position would become too strong, it added.

Mr Juncker has suggested that the position of Eurogroup chief be turned into a full-time job. But Germany believes that the post should be held by a minister in office, the finance ministry spokesman said.

[Captain Con O'Sullivan]

How about Kevin Cardiff? He hasn't had a new appointment in weeks and he's surely screwed up something at the European Court of Auditors by now.

He'll require an enhanced package though and a generous relocation allowance. Or else he'll start giving interviews.

[morticia]

nice one, Captain ;-)

[DCon]

Schauble says it is too early to discuss who will replace Juncker

Wolfgang Schaeuble said on Friday it was too early to discuss who might lead the meetings of the eurogroup's 17 finance ministers, adding "we have other duties at the moment than dealing with such speculation."

http://www.wort.lu/wort/web/en/europ...9614/index.php

[DCon]

Schauble says it is too early to discuss who will replace Juncker



http://www.wort.lu/wort/web/en/europ...9614/index.php

Juncker backs herr Schauble

Juncker says would support Germany’s Schaeuble as Eurogroup head

http://www.forexlive.com/blog/2012/0...urogroup-head/

[Ephilant]

How about Kevin Cardiff?

This is the guy we should all be lobbying for, as posted elsewhere:

Cyprus named Panicos Demetriades as its central bank governor. Demetriades, 53, has a PhD in economics from Cambridge University. He began his career at the Central Bank of Cyprus in 1985 and in 1999 worked in the office of then World Bank Chief Economist Joseph Stiglitz. Demetriades has been professor of financial economics at the University of Leicester since 2000.
This is the same man, who in May 2011 wrote a letter to the financial Times suggesting that instead of imposing auterity measures on already hard pressed peripheral peoples and economies, the fastest and easiest way out of the Euro crisis would be for

GERMANY TO LEAVE THE EURO.

“Without Germany in the eurozone, the Euro would quickly depreciate to a level that would help reinstate the competitiveness of the periphery. Germany’s exit would be preferable to imposing austerity on struggling nations or allowing them to depart"

Bring back a bit of balance in at the top, and make things a little livelier....

[C. Flower]

This is the guy we should all be lobbying for, as posted elsewhere:

Cyprus named Panicos Demetriades as its central bank governor. Demetriades, 53, has a PhD in economics from Cambridge University. He began his career at the Central Bank of Cyprus in 1985 and in 1999 worked in the office of then World Bank Chief Economist Joseph Stiglitz. Demetriades has been professor of financial economics at the University of Leicester since 2000.
This is the same man, who in May 2011 wrote a letter to the financial Times suggesting that instead of imposing auterity measures on already hard pressed peripheral peoples and economies, the fastest and easiest way out of the Euro crisis would be for

GERMANY TO LEAVE THE EURO.

“Without Germany in the eurozone, the Euro would quickly depreciate to a level that would help reinstate the competitiveness of the periphery. Germany’s exit would be preferable to imposing austerity on struggling nations or allowing them to depart"

Bring back a bit of balance in at the top, and make things a little livelier....

Cyprus has snapped him up.
http://www.google.ie/url?sa=t&rct=j&...q90gnpKtcy611A

[ang]

Juncker backs herr Schauble

Nice.

Meanwhile Mr Juncker says:-

EU's Juncker: Germany And France Act As If No Other Members Exist In The Group

http://www.efxnews.com/story/12342/e...%28eFXnews+%29

[Greengoddess]

Shauble would be a disaster

[ang]

Shauble would be a disaster

Indeed but hopefully it will never happen.

[DCon]

Nice.

Meanwhile Mr Juncker says:-

He got stuck in well. Go JC!

"It's part of the problem that Germany pretends it has to foot the bill for all the other countries. That's massively insulting to the others," Juncker said, stressing that out of the 17 euro zone countries seven had lower debt levels than Germany.

Asked if French and German attitudes were among the reasons for quitting when his term as Eurogroup chairman expires in June, Juncker, at a panel discussion in Hamburg, said: "Yes."

He said he did not approve of the two largest countries pretending they were alone in determining the 17-nation currency bloc's policy.

http://in.reuters.com/article/2012/0...83T0JR20120430

[DCon]

Spiegel asks Will France's Election Hinder German Leadership of the Euro Group?

German Finance Minister Wolfgang Schäuble is the leading candidate to become the president of the Euro Group, the common currency's powerful decision-making body. But if François Hollande wins the upcoming French election, he could scupper the appointment, dealing a major blow to Chancellor Merkel.

ncumbent Nicolas Sarkozy reportedly signaled his approval for the appointment a few weeks ago, but his advisors then pushed him to withdraw his support -- or at least keep it quiet until after the election. They feared it would be unpopular with voters if Sarkozy appeared to further promote the savings dictate that Germany has applied to the rest of the euro zone countries.

If Schäuble does actually succeed in becoming the Euro Group's next president, then it would be difficult to push Klaus Regling, the current head of the European Financial Stability Facility (the temporary euro bailout fund, EFSF), through as the head of the new ESM. The current head of the EBRD is also a German. SPD politician Thomas Mirow will probably have to leave the post -- a move made more likely by the fact that that Werner Hoyer of the business-friendly FDP recently became the head of the European Investment Bank (EIB).

http://www.spiegel.de/international/...-a-831223.html

[DCon]

JC staying on. Regling moving sideways

Juncker to stay on as head of Eurogroup
Regling to become head of ESM; he’s current head of the EFSF

http://www.forexlive.com/blog/2012/0...-the-old-boss/