America News Agency

According to a Politico report citing an EU diplomat and a document, eurozone finance ministers will begin the process on Thursday to select a successor to Luis de Guindos. The deadline for submitting candidates will be in early January, though the precise date has not yet been set.

The document states that members of the Economic and Monetary Affairs Committee will have the right in January to hold closed-door meetings with all candidates before the Eurogroup formally proposes a name to the European Council.

Politico notes that this would mark a break from previous practice, in which Parliament was involved only after ministers had made their decisions. Earlier involvement could allow Parliament to influence the selection process, for example by pressing for proper gender balance in the candidate list — one of the demands included in Parliament’s latest annual report on ECB activities.

The diplomat told Politico: “Parliament will play a stronger role this time.”

According to the document, the candidate chosen by ministers will return to Parliament for a formal hearing between March and April. Members of the European Parliament have limited authority over the final appointment, but they will issue a non-binding opinion, adopted via a plenary vote. The new vice-president will be officially appointed by the European Council in May and will take office on June 1.