Zagreb, Croatia. Croatia’s central bank governor Boris Vujcic was formally nominated on Monday as the European Central Bank’s next vice president, pending confirmation. If approved, he would become the first person from the former communist east to join the ECB’s board.
Nomination and expected transition
After securing the support of the euro zone’s 21 finance ministers, Vujcic is expected to take over from Spain’s Luis de Guindos on June 1. He would become the ECB’s number two behind Christine Lagarde at a time when inflation is at target and interest rate changes are not on the agenda.
Representation and role dynamics
The nomination gives one of Europe’s smallest economies the chance to hold a top ECB position, which has been uncommon in an institution long dominated by the bloc’s four biggest nations. ECB watchers said the vice presidency is not among the most sought-after roles and that larger countries did not enter the contest as they focus on senior vacancies expected next year.
Upcoming vacancies and expected competition
The jobs of ECB president, chief economist and head of market operations are due to become vacant next year. Germany, Spain and France are expected to compete for those posts, continuing their influence within the institution.
Vujcic’s background and policy stance
Vujcic, 61, is serving his third term as Croatia’s central bank chief and is a trained monetary economist who oversaw Croatia’s euro zone entry as its 20th member in 2023, making it the second-newest member after Bulgaria. A former university professor, he is considered a moderate hawk who has warned about lingering inflation risks and argued for gradual policy easing. He has been a governor or deputy governor for more than 25 years and was involved in negotiating Croatia’s accession to the European Union in 2013.
Confirmation process and potential objections
The nomination is subject to a confirmation process, which is typically a formality since heads of government make the final decision and usually endorse their finance ministers’ choice. The European Parliament is expected to raise objections, particularly on gender representation, as men make up 25 of the ECB’s 27-member Governing Council, but lawmakers cannot block the selection process.
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