Claudia Buch, the German economist and vice president of the country’s central bank (Bundesbank), has reportedly emerged as the top contender to become the new supervisory chief at the European Central Bank.

According to sources cited by Reuters, Buch is described as the “clear favourite”, and is one of three women seen as top candidates to replace Andrea Enria. Enria’s five-year term expires at the end of 2023, and his replacement will need to contend with sharply rising interest rates across the continent.

The report noted that nearly all the sources mentioned Buch as the outright favourite, while Spain’s Margarita Delgado and Ireland's Sharon Donnery could also be in the running for the prestigious position. None of the named favourites have stated an intention to apply for the position.

It is generally believed that whoever Enria’s replacement will be, it should be a woman in an effort to combat gender imbalance at the ECB. At present, 24 of the 26 Governing Council members are men. The sources cited by the report were quick to stress that Buch, Delgado and Donnery are fully qualified for the position and gender identity would only be one factor in any decision making.

At a time of particular economic turmoil, Buch has emerged as a favourite for the position as she has the backing of the euro zone’s biggest economy. She also has significant management experience, and was recently elected to the ECB’s Supervisory Board following a reshuffle at the Bundesbank.

While Buch may be considered a top candidate, the formal selection process is yet to start with a vacancy notice only expected to come in the autumn. Following the publication of that notice, the chair of the Supervisory Board will be picked by the Governing Council and formally appointed by the European Union Council with the approval of the European Parliament.

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