The European Parliament on Tuesday voted in favor of Claudia Buch, Germany’s candidate for the role of the European Union’s (EU) chief banking supervisor. The decision was made after a standoff with the European Central Bank (ECB). During a plenary session in Strasbourg, Members of the European Parliament (MEPs) cast 357 votes to 195, with 42 abstentions, in a secret ballot supporting Buch’s candidacy.
Buch, currently the vice president of Bundesbank, had been competing with Margarita Delgado, deputy governor of the Bank of Spain, for the Supervisory Board position. Although Delgado was the unanimous choice of key lawmakers on Parliament’s economics committee, Buch’s appointment helps clear a path for Spain’s Finance Minister Nadia Calviño to become the head of the European Investment Bank (EIB). The appointment of two Spaniards to top finance jobs would have been problematic for other countries.
Despite initial resistance from MEPs on the committee due to the ECB’s decision to nominate Buch, she received their backing in a September vote. This move was aimed at avoiding an institutional disagreement with the ECB and was also influenced by her qualifications for the job.
The EIB position is considered a significant achievement for Spain as it comes with EU funds and could play a crucial role in Ukraine’s rebuilding efforts in the coming years. However, no decision has been made regarding this position yet.
Before officially assuming her role as the chair of the ECB’s Supervisory Board, Buch requires approval from EU governments in the Council of the EU. The current chair, Italy’s Andrea Enria, is due to hit his term limit at year-end.
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