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Germany Stays On Fence On Mario Draghi's ECB Presidency Candidacy

Germany Stays On Fence On Mario Draghi's ECB Presidency Candidacy

Bank of Italy governor Mario Draghi is in pole position to replace Jean-Claude Trichet as president of the European Central Bank. But Germany, which was widely expected to provide the next ECB head, remains ambiguous on Draghi's chances.

Mario Draghi (INSM)

By Gianluca Paolucci

Bank of Italy Governor Mario Draghi would be a "first-rate candidate" for the presidency of the European Central Bank (ECB), according to Werner Hoyer, German Minister of State at the Foreign Office, who oversees European affairs. He underlines, however, that "the German government does not have a position" on who should take over from outgoing ECB head Jean-Claude Trichet.

Like many members of the Free Democratic Party (Fdp), the liberal party to which he belongs, Hoyer also liked the idea of "Axel Weber president of the German Central Bank for his vision of monetary policy based on stability." Unfortunately, Hoyer notes, "Weber is no longer a candidate."

Draghi's nationality is not an issue, insists Hoyer. The governor of Bank of Italy is "one of the first-rate candidates," partly because he too has "a vision of monetary policy based on stability," as well as "impeccable" credentials. According to other German government sources, a lot will depend on how the Italian government seeks to support Draghi in the contest for the top seat at the ECB Eurotower headquarters.

One certainty is that as the deadline for a decision draws closer, there are no other candidates in view with the Italian's prestigious profile. That reputation was built in part on the work he did internationally as the chairman of the Financial Stability Board during the most difficult periods of the global financial crisis, which also won him the recognition of the German government.

Many of German Chancellor Angela Merkel's economic advisors, who have had dealings with Draghi at G20 meetings, sing the banker's praises. Still, German Finance Minister Wolfgang Schäuble's public declarations on Draghi's candidacy seemed platitudinous more than anything.

Time is on Draghi's side. Trichet's term expires on October 31, but a decision on his successor needs to be taken a lot sooner. Less than a month ago, a few weeks after Weber's "withdrawal", Schäuble said that Germany might put forward someone else as its national candidate. But none of the names suggested, ranging from Jurgen Stark, member of the executive board of the European Central Bank, to Klaus Regling, chief of the European Financial Stability Facility, appear to have garnered support amongst the various parties in Merkel's coalition.

At this point, the German decision now rests in the hands of Merkel, who recently clashed with the Italian government over its proposal to introduce shared euro bonds to restore confidence in the euro. Thus when asked about Draghi's chances of becoming the next president of the ECB, Hoyer ends the conversation by saying with a smile: "Go ask Tremonti", referring to Italian Minister of Economy and Finance Giulio Tremonti.

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Influencer Union? The Next Labor Rights Battle May Be For Social Media Creators

With the end of the Hollywood writers and actors strikes, the creator economy is the next frontier for organized labor.

​photograph of a smartphone on a selfie stick

Smartphone on a selfie stick

Steve Gale/Unsplash
David Craig and Stuart Cunningham

Hollywood writers and actors recently proved that they could go toe-to-toe with powerful media conglomerates. After going on strike in the summer of 2023, they secured better pay, more transparency from streaming services and safeguards from having their work exploited or replaced by artificial intelligence.

But the future of entertainment extends well beyond Hollywood. Social media creators – otherwise known as influencers, YouTubers, TikTokers, vloggers and live streamers – entertain and inform a vast portion of the planet.

✉️ You can receive our Bon Vivant selection of fresh reads on international culture, food & travel directly in your inbox. Subscribe here.

For the past decade, we’ve mapped the contours and dimensions of the global social media entertainment industry. Unlike their Hollywood counterparts, these creators struggle to be seen as entertainers worthy of basic labor protections.

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