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2018-08-31 | IMFS in the Media

Helmut Siekmann warns against the ECB losing its independence with personnel changes (FAZ)

"As soon as there is only a glimpse of hope of being reappointed, the independence is in danger," he said.

The warning comes as discussions come up that Benoît Coeuré, who is a member of the ECB's Governing Council, could become the next ECB president after Draghi's term ended. According to the Treaty on the Functioning of the European Union, a reappointment of a member of the Governing Council after the completion of the 8-year term is ruled out.

Therefore, in Siekmann's opinion, it is not possible for Coeuré to step back for a "legal second" and then  be appointed president. "This would mean by-passing the intent and purpose of the Treaty's rules."

FAZ: "Ein Trick könnte die Draghi-Nachfolge entscheiden"