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Belgium Seeks Short Extension For Central Banker Wunsch’s Term
(Bloomberg) -- The Belgian government is seeking a short temporary extension for the term of Pierre Wunsch, its top central banker, while political deadlock delays a formal decision to reappoint him.
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Prime Minister Alexander De Croo has asked the National Bank of Belgium to consider “how, exceptionally, for a short period” Wunsch can remain in office on the basis of the “continuity principle,” according to a letter seen by Bloomberg News.
Wunsch’s five-year mandate expires on Jan. 1 and hasn’t yet been extended by the government amid disagreements relating to other appointments to the federal administration.
The executive will soon conclude its deliberations on Wunsch’s reappointment, it said, asking the institution “to make the necessary arrangements to this end, pending a decision from the federal government.”
Wunsch, 56, has been at the central bank since 2011 and its governor since 2019. Terms at the central bank are renewable until the governor reaches the official retirement age. The appointment becomes effective via a royal decree signed by Belgium’s king.
The Belgian newspaper De Tijd, which first reported on the letter from De Croo, said that the prime minister was in contact with European Central Bank President Christine Lagarde, who gave the green light for a transitional arrangement provided Wunsch receives a new mandate as soon as possible.
The prime minister’s office and an ECB spokesperson declined to comment. It’s unclear who would represent Belgium on the ECB Governing Council.
The Belgian National Bank’s spokesperson said its Regency Council, the highest internal committee, will meet over the next few days to consider how to best safeguard the continuous operation of the central bank.
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