The European Central Bank detailed plans on Thursday for changing the way the euro zone governors vote from next year, curbing smaller economies’ potential influence in favor of big countries, like Germany.
The move, triggered by the swelling of the euro zone to 19 countries with Lithuania’s accession next year, will divide national central bank governors into groups of smaller and larger economies to ensure efficient decision making.
The five largest economies with the biggest financial sectors will share four votes. These are Germany, France, Italy, Spain and the Netherlands. The ECB said on Thursday that Spain would sit out first when the rotation starts in January.
The rotational system means financial markets are likely to focus on meetings when some of the most influential governors, such as Bundesbank chief Jens Weidmann, cannot vote.
Weidmann, the arch-hawk on the ECB Governing Council, will not vote at the May and October meetings next year. In 2016, he will not vote in March and August.
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