Spain's likely economy minister backs Spaniards for IMF and ECB

17 Mar, 2004

The man tipped to become Spain's next economy minister under the new Socialist government said on Monday he backs Spaniards Rodrigo Rato and Jose Manuel Gonzalez-Paramo as they vie for jobs at the International Monetary Fund and European Central Bank.
The Socialists' election win raised the question of whether they would support current Economy Minister Rodrigo Rato, who has been suggested as a candidate to lead the IMF.
Spain's current Popular Party government - ousted in Sunday's surprise election defeat - has proposed Gonzalez-Paramo to join the executive board of the ECB.
"That there should be a Spaniard (as head of the IMF) is without a doubt very good news that one will have to support," Miguel Sebastian told private radio station Cadena Ser.
Socialist Prime Minister-elect Jose Luis Rodriguez Zapatero has appointed Sebastian as chief economic adviser and analysts say he is the most likely new economy minister.
European Union diplomats said on Monday Rato remained their top candidate for the IMF job - traditionally held by a European - but were awaiting comment from the Socialists.
Asked about Gonzalez-Paramo's candidacy for a post on the ECB board, Sebastian said: "I think Gonzalez-Paramo is a magnificent professional and he has great experience as an independent board member of the Bank of Spain."
"Of course he will be strongly supported."
Spain's incumbent Popular Party were widely expected to win general elections on Sunday but after rail bombings that killed 200 and were claimed by al Qaeda the vote swung in favour of the Socialists.
The government proposed Gonzalez-Paramo in a bid to keep a Spaniard on the ECB board when Eugenio Domingo Solans's term ends in May even though Belgium and Ireland have not yet been represented on the decision-making committee.

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