Photo Gallery Merkel's Weber Problem
Chancellor Angela Merkel thought she had a solid candidate for European Central Bank president, a position that comes open later this year. But Bundesbank head Axel Weber indicated last week that he was no longer interested out of concern that his views would be in the minority. The move reflects poorly on Merkel and could ultimately harm the euro, say many.
Weber's decision to withdraw from the race for the ECB presidency comes at an awkward time for Merkel. With several important regional elections clogging the 2011 political calendar, Merkel had been hoping to portray herself as the uncompromising savior of the European common currency.
Last year, Weber was vehemently critical of the ECB strategy of buying sovereign bonds from heavily indebted euro-zone members as a way to save them from bankruptcy. Still, Merkel likely would have succeeded in getting him elected to the ECB's top post.
Outgoing ECB President Jean-Claude Trichet (left) was vocally critical of Weber last year. With Weber's withdrawal, the chances for Bank of Italia governor Mario Draghi (right) of succeeding Trichet have risen significantly.
