(Bloomberg) -- The European Union’s next contest for a top job risks turning into a showdown between its two key Mediterranean powers staking rival claims to status and influence within the bloc.
With German official Claudia Buch now nominated by policymakers to lead the euro zone’s banking supervisor, the focus among officials is shifting to the five-way race to lead the Luxembourg-based European Investment Bank as both Spain and Italy vie to secure that role.
The rotating Belgian presidency of the EIB board of governors is expected to make a short update on the process, an EU diplomat said. Calvino herself promised Thursday not to discuss the issue with fellow ministers on the sidelines of the Santiago meeting. Calvino’s prospects were boosted on Wednesday by the defeat of her fellow citizen, Bank of Spain Deputy Governor Margarita Delgado, in the European Central Bank’s Governing Council vote to back Buch for its supervision arm. That removed two concurrent claims from the same country for different jobs, which was bound to encounter opposition from partners.
Italian officials can claim that, aside from EU Economic and Monetary Affairs Commissioner Paolo Gentiloni, they’re not well represented in key institutions, especially now that Andrea Enria is poised to leave as bank supervision chief later this year. They also insist that Franco, a former Bank of Italy director general, is a strong candidate for the EIB.
“No offense to Vestager, but it’s a job for a banker,” said Carlo Alberto Carnevale Maffe, professor of business strategy at Milan’s Bocconi University. Meanwhile Finance Minister Christian Lindner, in remarks to Politico published on Tuesday, declined to signaled a preference, saying he wants continuity from Hoyer — who hails from the Free Democrats, just as he does — with a need for “sound banking” at the EIB.
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