Spain to propose Economy Minister Calvino as Eurogroup chief

Reuters reports that Spain will propose its economy minister Nadia Calvino as a candidate to head the Eurogroup, the government said in a statement on Thursday, becoming the first country to formally announce a candidate.

The Eurogroup’s chairman leads the grouping of 19 euro zone finance ministers, a key decision making body in the currency bloc.

Proposals for the new chair must be submitted by the end of the day ahead of a confirmation vote planned for July 9, a government source said.

Calvino, who is also a deputy prime minister in Spain’s left-wing coalition government, has been tipped as a front-runner to take on the role by officials in Brussels.

The post has been vacant since Portuguese Finance Minister Mario Centeno announced earlier in June that he would not seek a second 2 1/2 year term.

Madrid has long held ambitions of chairing the group but with designs on leadership of the World Trade Organisation for Foreign Minister Arancha Gonzalez Laya, the government may have to choose between which post it wants to lobby for most.

Prime Minister Pedro Sanchez said it would be an honour for Calvino to head the group and noted she would be the first woman to hold the role.