ECB seat to be filled in ‘contest’ if Latvian leader prevails

Bloomberg

The next member of the European Central Bank’s Governing Council from Latvia will be selected through an open competition if Latvian Prime Minister Krisjanis Karins gets his way.
The premier is looking for a clean break for the monetary authority, which was tainted by a bribery scandal during the current governor’s 18 years at the helm, he said.
Karins is looking to rally support in parliament to amend the central bank law, his office said in response to emailed questions.
Currently, the governor is chosen through a majority vote from candidates nominated by at least 10 lawmakers.
An open contest would help put a professional in charge of the central bank, said Karins, whose government commands enough votes to push it through parliament. The central bank has had only two governors since 1991. Other nations also have an open contest to pick their central bank chiefs, including Bank of England.
Governor Ilmars Rimsevics, whose term expires in December, has been at the centre of the allegations that rocked the banking industry and is facing a trial over charges including bribery. He denies all charges.
Karins favours holding “a wide competition to get good applicants to apply and then choose the most appropriate,” he said in an interview in New York, without naming a specific candidate.