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The European Central Bank president faces a deadline of Feb. 11, when Executive Board member Sabine Lautenschlaeger’s non-renewable five-year term as vice chair of bank supervision expires. He should technically give the post to another board member and allocate Lautenschlaeger a new portfolio.
The changeover comes at an awkward time though. A new head of the supervisory arm has only just started, and the institution is bracing for an influx of big banks when the U.K. leaves the European Union in March. No board member except Vice President Luis De Guindos, who has been with the ECB less than a year, could serve a full supervisory term before their time on the Executive Board is up.
All that has prompted some ECB policy makers to consider whether Lautenschlaeger’s term could in fact be extended.
A major hurdle is that she has repeatedly told colleagues she’s unwilling to stay, according to people with knowledge of the matter who spoke on condition of anonymity. Lautenschlaeger and an ECB spokeswoman both declined to comment. [...]