As Spanish Luis de Guindos’ term expires at the end of May, opening a two-year cycle of personnel changes in four of the six positions on the Executive Board, processes are intensifying for selecting the new vice president of the European Central Bank. Among those who will bid farewell to Frankfurt is President Christine Lagarde, whose term expires on October 31, 2027, without renewal rights. Of the six candidacies to be discussed at the January 19 Eurogroup meeting, announced by Eurogroup President Kyriakos Pierrakakis, two are very familiar to Greeks. The first is Olli Rehn, who served as Economics Commissioner when Greece entered the bailout programs in 2010, and the second is Mário Centeno, who held the same position when Greece completed its third adjustment program in 2019.
Bloomberg notes that while top ECB positions are officially awarded based on individual expertise, the decision is ultimately made by governments, with national interests in mind. This becomes increasingly important as a series of key ECB positions are set to be filled over the next two years, including the presidency.
European Central Bank: The six candidacies
Portugal – Mário Centeno: Head of his country’s central bank from 2020 until last October and previously Eurogroup president from 2018 to 2020.
Finland – Olli Rehn: In July 2025, he began his second seven-year term as governor of Finland’s central bank. He was EU Commissioner for Economic and Monetary Affairs from 2010 to 2014. In 2010, addressing Greeks, he wished them “good courage.”
Latvia – Mārtiņš Kazāks: Has been at the helm of Latvia’s central bank since 2019 and was re-elected for a second term in February 2025.
Estonia – Madis Müller: Governor of Estonia’s central bank since June 2019, having previously served as deputy governor since 2011. He is the youngest candidate, born on January 20, 1977.
Lithuania – Rimantas Šadžius: Lithuania’s Finance Minister since December 2024, having also held the same position from 2007 to 2008 and from 2012 to 2016. In July 2025, he withdrew his candidacy for the Eurogroup presidency.
Croatia – Boris Vujčić: Governor of his country’s National Bank since July 2012. He was re-elected to this position for the third time in July 2024. From 2005 to 2012, he was deputy chief negotiator during Croatia’s accession negotiations with the European Union.
After discussion at the January 19 Eurogroup meeting, the Council will approve a recommendation to the European Council, deciding by enhanced qualified majority of eurozone member states.
