Who will succeed ‘Super Mario’ Draghi?

Interest rates at zero, cheap money, bond buying — Mario Draghi has set new standards during his time as president of the European Central Bank (ECB). After eight years of anti-crisis policies, the Frankfurt-based institution is seeking a successor for its top job.

The list of candidates to take over in November is long. They include Christine Lagarde, head of the International Monetary Fund; Sabine Lautenschlaeger of the ECB Executive Board; and Klaus Regling of the European Stability Mechanism, alongside a few top tier contenders, listed below in alphabetical order: Benoit Coeure, 50, France: The former chief economist at the French Treasury has been a member of the ECB Executive Board since January 2012.

Many economists deem him to be the ideal successor to Draghi; after all, Coeure is considered one of the architects of the ultra-relaxed monetary policy that the ECB has been implementing for years. But a promotion for the Frenchman would not be that easy: his eight-year term on the Executive Board comes to a close at the end of this year and an extension is not foreseen in the statutes, while current rules prevent a sitting board member from moving up to the post of president.

To be in the running, Coeure would have to first resign from his current position. But such a move would be legally problematic and, at the very least, spark a lot of criticism.

Erkki Liikanen, 68, Finland: The Social Democrat has already served in several top posts, including Finnish finance minister. In 1995, he was selected to be his country’s first EU commissioner. In Brussels, Liikanen first held the budget portfolio before becoming industry commissioner in mid-1999. He left his post as EU commissioner early after being appointed governor of the Finnish central bank in April 2004.

As his country’s highest monetary watchdog (until mid-2018), Liikanen helped make decisions on the euro zone’s monetary policy as a member of the ECB Governing Council.

The “Liikanen Group” recommendations in 2012 included the separation of banks’ risky activities from their traditional deposit business. The only drawback with Liikanen, observers say, is that he would be 77 at the end of an eight-year term as ECB president — older than any predecessor in the post.

Olli Rehn, 57, Finland: Rehn is considered a convinced European with many years of experience in Brussels. Even a student, he campaigned for his country’s accession to the European Union. During the euro zone debt crisis, Rehn fought as economic commissioner for the preservation of the common currency and the unity of euro zone member states. He demanded painful reforms from highly indebted countries like Greece to rehabilitate their economies. In May 2015, he returned to Finland to serve as minister for economic affairs. Since mid-2018, he has headed his country’s central bank. In this capacity, he also sits on the ECB Governing Council.

Among economists, Rehn is seen as an advocate for a tighter monetary policy. He studied politics, economics, journalism and international relations in the United States and in Helsinki.

Francois Villeroy de Galhau, 60, France: The policymaker with links to the German family-owned ceramics company Villeroy & Boch has headed the French central bank since 2015. Villeroy de Galhau is considered a pragmatist and has supported Draghi’s ultra-relaxed monetary policy. He is an alumnus of the French elite university ENA (Ecole Nationale d’Administration). He would be the second Frenchman to lead the ECB after Jean-Claude Trichet. But due to his personal ties to Germany, Villeroy de Galhau might have an easier time being appointed than his French compatriot Coeure, according to Bayern LB bank analyst Stefan Kipar.

Jens Weidmann, 51, Germany: Objectively, Chancellor Angela Merkel’s former economic adviser has a lot going for him. Weidmann has headed the German central bank since May 2011 and has an excellent reputation as an economist. Some also think it is high time that a representative of Europe’s largest national economy take over one of the EU’s most important posts. — dpa

Joern Bender & Friederike Marx