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Economy

DE GUINDOS, CANDIDATE FOR ECB

Madrid / The Minister of Economy, Industry and Competitiveness, Luis de Guindos, will be the candidate of Spain for the vice-presidency of the Executive Committee of the European Central Bank (ECB), as reported today by the department he leads.

The ambassador for the Permanent Representation in Spain in EU, Pablo García-Berdoy, has sent a letter to the president of the Eurogroup, Mario Centeno, in which he has formalized the presentation of the candidacy of the Economy Minister.

The Eurogroup will have to agree on February 19 what candidate it proposes to occupy ECB vice-presidency, a decision that will be formally adopted the next day by the Ecofin (Council of Ministers of Economy and Finance) and elevated to the European Council.

However, it will not be until next March 22 or 23 when that decision is known.

European Council elects, by qualified majority, who will be ECB Vice-President among people of recognized prestige and professional experience in monetary or banking matters and after consulting the European Parliament and the Governing Council in the European Central Bank.

Today, it was the deadline to submit candidates to replace the number two post of the institution in charge of monetary policy of the eurozone Portuguese Vítor Constancio, whose term expires on May 31.

The chosen candidate will join the ECB vice presidency on June 1st.

As is known so far, De Guindos will have to face the ECB vice-presidency with the governor of the Irish Central Bank (ICB), Philip Lane, whom the Executive of Dublin has already announced as a candidate.

Different members of the Executive, including De Guindos himself, have been convinced that Spain will once again be represented in the ECB.

De Guindos had avoided revealing his interest in the position until the last moment, although it had been rumoured for months, after he had not opted in December 2017 for the Eurogroup presidency, something he had done in 2015 when the Dutchman Jeroen prevailed Dijsselbloem.

Now, he faces the competition with his credential as Minister of Economy during the worst economic crisis in recent decades, in which he sanitized the bank and led negotiations with Brussels to avoid the rescue of the country.

It is also supported by the leaders of the different Spanish financial institutions, which in recent weeks have defended their candidacy although it had not yet been announced, and their own experience in the financial sector.

Independent technocrat, De Guindos came to the government in the first term of Mariano Rajoy from the private sector, where he had more experience than in the public despite being a career officer, member from the Corps of Commercial Technicians and State Economists. (February 7, 2018, EFE/Practica Español)

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Comprehension

Lee la noticia y responde las preguntas. (Read and answer the questions)

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Question 1
En la noticia se dice que…
A
se ha confirmado la candidatura de Luis De Guindos a la vicepresidencia del BCE.
B
se ha desmentido que De Guindos presente una candidatura para conseguir la vicepresidencia del BCE.
C
Luis De Guindos confirma su candidatura para ser el nuevo presidente del BCE.
Question 2
Si De Guindos consigue la vicepresidencia…
A
ocuparía el puesto de un economista polaco.
B
ocuparía el puesto de un conocido economista español.
C
ocuparía el puesto de un economista portugués.
Question 3
Según el texto, el vicepresidente electo…
A
empezará a ejercer a partir de junio de este año.
B
se incorporará a partir del 23 de marzo de este año.
C
se incorporará a la vicepresidencia en junio del próximo año.
Question 4
Al final, el Eurogrupo es el que decidirá quién será el nuevo vicepresidente.
A
No se sabe.
B
Es mentira.
C
Es verdad.
Question 5
En la noticia se dice que…
A
hasta hace poco De Guindos no mostró públicamente su interés por esta candidatura.
B
De Guindos expresó su interés por esta candidatura desde hace meses.
C
nadie pensaba que De Guindos sería el candidato de España para el BCE.
Question 6
La cualificación y experiencia profesional…
A
son factores que a penas tienen importancia para el Consejo Europeo.
B
son factores importantes a la hora de elegir al nuevo vicepresidente.
C
no se tienen en cuenta para elegir al nuevo vicepresidente.
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