The Eurogroup chooses Croatian Boris Vujčić as vice-president of the ECB, replacing Guindos.

BrusselsThe euro area countries have begun the long process of renewing much of the European Central Bank's (ECB) executive committee with the election of Croatian Boris Vujčić, currently governor of the Central Bank of Croatia. The Croatian university professor and economist will replace Spaniard Luis de Guindos on June 1st of this year, as decided by the finance ministers of the single currency countries at the Eurogroup meeting this Monday in Brussels. Beyond being a renowned economist and university professor, Vujčić has extensive experience in the field of central banking. He entered this world in 1996 as head of the research department at the Bank of Croatia and in 2000 was appointed deputy governor of the Balkan country's central bank. More than a decade later, the Croatian economist became governor of his country's central bank, a position he has held until now. Therefore, he was the head of the institution when Croatia joined the eurozone on January 1, 2023.

Spain loses its voice at the ECB and aspires to the presidency

Following Guindos' departure, Spain is left without a voice at the ECB. However, the Moncloa Palace hopes this won't last long, and all indications are that it will aspire to the presidency of the banking institution, currently held by the Frenchwoman Christine Lagarde. The fact that Vujčić won, and not, for example, the Portuguese Mário Centeno, keeps Spain's hopes alive.

It's worth remembering that the composition of executive boards is usually a balance of ideologies, political parties, and, above all, geographical representation across the eurozone. Therefore, a potential victory for the Portuguese candidate would have hampered Spain's chances of securing a top position at the bank.