The Race for Top ECB Job Is a Proxy Battle Between Merkel and Macron

Ever since the European Central Bank was established in 1998, the appointment of its president has been dictated by politics. It’s a fight that encompasses the historical rivalry between France and Germany, and it’s as much a struggle for influence and power as it is about a vision for ­monetary policy.

The 2019 version of the race is proving to be no different. The new ECB chief won’t take office until current President Mario Draghi steps down in October. But German Chancellor Angela Merkel, who’s preparing to leave office and has an eye on her legacy after 14 years as the European Union’s most powerful figure, is already squaring off against French President Emmanuel Macron, who wants to reform the continent in his own image. And it gets more complicated. For the first time, the ECB job is up for grabs at the same time as the other top EU positions: the president of the European Commission, the EU’s executive arm, and the president of the European Council, who chairs summits of leaders. The selection of a candidate for any one of these jobs wouldn’t necessarily affect decisions on the others, yet EU officials acknowledge that government chiefs—the ultimate arbiters of who gets what—are discussing them as a package.