Will Germany's Weidmann Succeed Draghi? The eurozone's next battle.

• Author: Engelen, K.

Heading the European Central Bank could be the most powerful position in the European Union. Since November 2011, former Bank of Italy governor Mario Draghi has reigned at the ECB helm. Draghi's term will end in October 2019.

When the finance ministers of the Eurogroup confirmed Spanish economic minister Luis de Guindos to succeed Vitor Constando as next ECB vice president when Constando retires in June of this year, the speculation over who will succeed Draghi next year began.

Philip Lane, governor of the Central Bank of Ireland, retracted his bid for the vice president job, but indicated interest for other ECB positions in the future.

A Spanish vice president would be the preferred option for those who support Jens Weidmann as the next ECB president. Weidmann and de Guindos together could move the balance toward a more conservative stance on monetary policy. So far in his term, Draghi has been able to mobilize the "southern majority" in the governing council in favor of a zero-interest rate policy and quantitative easing through huge securities purchases. Germany's Bundesbank vote was marginalized. This left savers in northern countries such as Germany and...