France Backs Weber In Race For ECB Presidency

France has promised the German government that it will support Bundesbank President Axel Weber in the race to succeed Jean-Claude Trichet at the helm of the European Central Bank, German weekly Der Spiegel reported Friday in a pre-release of its weekend edition.

Weber’s ascension to the job would be compensation to Germany for not getting — or bidding for — any of the new top jobs created under the Lisbon Treaty, the magazine cited unnamed European diplomats as saying.

The next Vice President of the ECB will likely be the Portuguese central bank governor Vitor Constancio, Der Spiegel wrote, a sentiment echoed in other press reports recently.

IMN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza