EU considers ECB board rules

European Union finance ministers are considering establishing rules for selecting European Central Bank board members to prevent…

European Union finance ministers are considering establishing rules for selecting European Central Bank board members to prevent lengthy haggling between countries, an EU diplomat said yesterday.

This follows a lack of consensus at a ministers' meeting on Tuesday over which country is to provide the successor to ECB board member Mr Eugenio Domingo Solans, whose term expires at the end of May.

The changes, if effected, might prevent rows over who should join the ECB's board, whose six members each have a vote on interest rates.

In the case of Mr Domingo Solans, two countries have already put forward a candidate and others have said they might. Ireland has proposed Mr Michael Tutty, vice-president at the European Investment Bank (EIB).

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Under the rules, the ministers would select two candidates and then vote by qualified majority - which gives larger countries a bigger say - to select one of the two. Heads of government would then finalise the decision by unanimity, just as they do now.

The Taoiseach, Mr Ahern made clear that nothing would change to the ministers' prerogative in the appointments process.