Wunsch’s mandate expired on January 1. The extension of his position should have been a formality, but at the last meeting before the Christmas recess, the top government failed to agree on a number of files, which also blocked the extension of the mandate of the NBB governor, who has not been contested internally. hit.
The lack of that decision creates a number of legal uncertainties. For example, the Governor of the National Bank sits in a personal capacity on the board of directors of the European Central Bank and cannot simply be replaced there by someone else within the NBB.
ECB CEO Christine Lagarde had agreed to a transitional arrangement, on the condition that Wunsch receives a new mandate as soon as possible after the holidays. That is why the NBB Council of Regency met today in an emergency session to appoint Wunsch as temporary governor. The Council of Regency, in turn, insists in a letter to the federal government on a quick, definitive appointment.