Nicosia, Cyprus. Cyprus’ bid to secure the presidency of the European Banking Authority is being backed by the finance ministry, with former Central Bank of Cyprus governor Constantinos Herodotou among the final two candidates. The final appointment will be decided at COREPER in Brussels.
Finance ministry backing and final-stage selection
According to Politis, Herodotou has advanced to the final two candidates for the top post at the EU banking watchdog. The report said Finance Minister Makis Keravnos has been contacting counterparts across the bloc in support of the Cypriot candidacy.
European Parliament stage and COREPER decision
The final appointment will be decided at COREPER, the committee of permanent representatives of EU member states in Brussels, following Herodotou’s performance at the European Parliament. He finished second to his French rival at the parliamentary stage but secured enough votes to keep the process open, preventing the selection from being concluded at that point.
French rival and competition for the post
Herodotou’s opponent is Francois-Louis Michaud, a French national who currently serves as executive director of the European Banking Authority, with France seeking to retain the post. Despite momentum behind the Cypriot bid, the effort remains challenging as France is determined to secure the presidency of the authority.
Selection rounds and role of the EBA
Herodotou is the first Cypriot to reach the final stage of the selection process for one of the EU’s most influential financial supervisory roles. He advanced through four competitive rounds, with ten candidates progressing past the first stage, six remaining after the second, and two reaching the final shortlist.
The European Banking Authority, headquartered in Paris, is an independent EU body responsible for banking regulation across the bloc and is known for conducting Europe-wide stress tests.
What do you think could influence COREPER’s final decision on the European Banking Authority presidency?
