Weber is top choice for ECB

Elizabeth Fournier
THOUGH Jean-Claude Trichet does not step down as ECB president until October, the race has long been on to replace him, with Germany’s Axel Weber at the top of the pile.

Weber, a former economics professor and president of Germany’s Bundesbank since 2004, has emerged as the frontrunner ahead of Bank of Italy governor Mario Draghi.

As potential rivals yesterday plumped for ECB executive posts, Weber’s stock rose higher, with his appointment seen as a boost to German confidence in the Eurozone.

Trichet’s successor is expected to be announced at around June, though no date has yet been set.