ECB high-flier Benoit Coeure could be third time unlucky in presidency bid

Bloomberg

Benoit Coeure is possibly the best-qualified candidate to be the next European Central Bank president, but that may not be enough.
The Frenchman has played a key role implementing the ECB’s crisis measures in almost eight years as a board member. With a stellar career and education, officials often cite him as the bank’s preferred option and one of its sharpest intellectual minds — and he’s still only 50 years old. Yet the top job is decided by governments, not central bank-ers, and that’s where he will likely falter when Mario Draghi’s succession is settled this year. After missing out on two leadership positions since 2015, this could be third time unlucky. “Coeure has the vision and could deliver it, but he’s not a political animal,” said Frederik Ducrozet, global strategist at Banque Pictet & Cie SA in Geneva. “He’s an expert that markets would listen to, but beyond markets there is a big musical-chair game with other institutions.”
European Union leaders will determine a successor to Draghi as part of a bargaining process on top jobs, including the EU Commission presidency, that is due to begin after the European Parliament elections at the end of this month.
Coeure declined to comment on his candidacy. He has previously said he would accept the presidency if offered and that he wants to be “useful” and to “continue to serve Europe.”
One hurdle to the ECB is his nationality. France has already had a president there in Jean-Claude Trichet, and euro-zone leaders could take some convincing to appoint another one.
Even if they can be swayed, French President Emmanuel Macron might opt to nominate Francois Villeroy de Galhau, the ambitious and politically connected governor of the Bank of France. Or Macron could push to make one of his compatriots the next European Commission president, leaving another nation — possibly Germany — to claim the ECB.