Selecting the next ECB chief: Avoid the song contest..

Stefan Gerlach (Chief Economist at EFG Bank in Zurich and Former Deputy Governor of the Central Bank of Ireland) in this piece:

Choosing the next president of the European Central Bank should not be like picking the winner of the Eurovision Song Contest. Instead, Europe should ask which criteria candidates must satisfy to be an effective ECB president, and then search for the person who best meets them.

He says following should be followed:

First, the president must be a team player. Journalists and commentators who have disagreed with the bank’s unconventional stance under Draghi often forget that the ECB president does not set policy, but rather chairs the Governing Council meetings at which policy decisions are taken.

Second, the ECB president needs a solid economics background. 

Third, the new ECB president must reflect the diversity of the eurozone.

Finally, one would hope to see several women among the main contenders for the position. But unless IMF Managing Director Christine Lagarde throws her hat in the ring, there may be no leading female candidates. That would be deeply regrettable, and out of tune with the tenor of the times.

Last bit of not having leading female candidates for the job is really disappointing…

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