Germany’s Jens Weidmann has forged ahead in the race to lead the European Central Bank after he unexpectedly backed President Mario Draghi’s crisis-fighting program.
On the eve of a meeting of European Union leaders to discuss the bloc’s top policy positions, Bloomberg’s poll of economists shows the Bundesbank president edging out his French rival Francois Villeroy de Galhau. Finnish central-banking veteran Erkki Liikanen tied with Villeroy for second place. Current Finnish Governor Olli Rehn took fourth, overtaking France’s Benoit Coeure.
Germany has never had an ECB president, and Weidmann tried to dispel the controversy over his opposition to unconventional measures by saying this month that the bond-buying program underpinning Draghi’s “whatever it takes” pledge to save the euro is legal and valid.
Time is running out for European leaders to decide who will succeed Draghi before his eight-year term ends in October. It’s only one of the several top positions that governments need to settle. They’re in Brussels this weekend to try to break the impasse.
Here are the most-likely nominees, based on a Bloomberg survey of economists (methodology below).