The parties in Belgium’s coalition government have reached an agreement to renew Pierre Wunsch’s mandate as president of the National Bank of Belgium (NBB).
A Belgian official told Politico on condition of anonymity that the agreement was reached at a meeting attended by government ministers. The renewal will allow Wunsch to take part in the ECB’s next meeting on January 25, avoiding international embarrassment for the country, which took over the rotating presidency of the Council of the European Union at the beginning of the year. It will be done.
The government missed a deadline to extend Wunsch’s term earlier this year amid political wrangling among Prime Minister Alexander de Croo’s seven parties over other appointments in the government.
Last week, NBB’s regent council asked Wanche to temporarily take the helm of the bank on an interim basis until the government resolves the impasse. The bank blamed the political impasse, calling the situation “highly unusual” and saying “this temporary solution is not optimal.” [with] Regarding the principle of central bank independence enshrined in European law. ”
Wunsch, one of the most hawkish members of the ECB’s executive board, is in his second five-year term. Governors are appointed by the monarch based on government proposals. The term of office is five years, renewable until retirement age.