The new ESM CEO is expected to take office in October, when current CEO Klaus Regling’s second five-year term ends. However, for the third time it was not possible even today for white smoke to come out of the Board of Governors of the ESM.
Its Board of Governors European Stability Mechanism (ESM) he didn’t manage to choose him today successor to Klaus Regling in the position of the Managing Director of the ESM and the vote was postponed until September.
The new ESM CEO is expected to take office in October, when current CEO Klaus Regling’s second five-year term ends. However, for the third time it was not possible even today for white smoke to come out of the Board of Governors of the ESM.
As announced by the President of the Eurogroup, Pascal Donahueone of the three candidates, the Italian Marco Buti withdrew his candidacy before voting begins. However, neither of the two other candidates, nor the former Luxembourg finance minister, Pierre Gramenianor the former finance minister of Portugal, Joao Leao, failed to emerge victorious through voting. “KBoth candidates are excellent and have a lot of support, but neither managed to reach 80% of the votes from the Board of Governors. We will therefore return to this issue in Septembersaid Pascal Donahue.
Outgoing ESM CEO Klaus Regling said he would continue in his role for another three months, expressing confidence that a solution will be found in September.
It is worth noting that in order to be appointed a candidate for the new managing director of the ESM, he should receive more than 80% of the votes in the ESM Board of Governors. Each eurozone country has a weighted vote according to its share of the bailout fund capital.
RES-EMP
View the news feed and get the latest news.
