Vol. 562 No. 1
138 Mr. Broughan asked the Minister for Finance the reason the Government has decided not to put forward a candidate for election to the executive board of the European Central Bank, especially having regard to the earlier commitment that this would be done; and if he will make a statement on the matter. [5355/03]
The vacancy on the six member executive board of the European Central Bank to which the Deputy is referring arises from the expiry of the non-renewable term of office of Ms Sirkka Hamalainen on 31 May next.
On the last occasion that such a vacancy arose in May of last year, Mr. Lucas Papademos of Greece replaced Mr. Christian Noyer of France, and while at the time I did not propose an Irish candidate for that position, I did indicate that Ireland would put forward a candidate for the vacancy caused by the ending of Ms Hamalainen's term.
Article 11.2 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank states, ". . . . members of the Executive Board shall be appointed from among persons of recognised standing and professional experience in monetary or banking matters. . . . ." It is clear from the appointments made to date that this treaty requirement in regard to both qualifications and standing is being interpreted quite strictly. Of the original six members and one replacement appointed to date, three have been central bank governors, three others held very senior positions in a central bank and the only non-central banker, Mr. Noyer, was formerly head of the French Finance Ministry.
