Juncker backs German finance minister for eurozone post

01 May 2012

Eurogroup chief, Jean-Claude Juncker, has said he fully supports German finance minister, Wolfgang Schäuble, to become his successor when his mandate runs out at the end of May.

According to the Luxembourg Prime Minister, his successor should be someone who can listen to others and has a deep knowledge of the eurozone issues.

Some diplomats have expressed concerns his appointment would be too strong a signal that Germany is running the single currency. But others say there is no better way to turn a "hawk" into a moderate than by putting him at the helm of the ministers' group, where he has to mediate among 17 different positions.  If Schäuble gets the job, Germany would need to give up its chairmanship of the eurozone bailout funds, however. Currently, the temporary European Financial Stability Facility is being chaired by Klaus Regling, a former head of the European Commission's financial affairs directorate.

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