The European Council has appointed Boris Vujčić as the new Vice-President of the European Central Bank (ECB).

The European Council has announced the appointment of Vujčić, a prominent Croatian economist and currently the Governor of the Croatian National Bank, for a non-renewable term of eight years, commencing on June 1, 2026. Vujčić succeeds Luis de Guindos in this crucial role.

This decision comes after consultation with the European Parliament and the ECB's Governing Council. The Eurogroup endorsed Mr. Vujčić’s candidacy back on January 19, 2026, and the Council formally adopted a recommendation for his appointment shortly thereafter on January 26, 2026. Appointments to the ECB executive board are conducted by the European Council, relying on a qualified majority. The board members are selected based on their recognized standing and professional experience in monetary or banking matters.

The ECB executive board, responsible for executing the eurozone's monetary policy as dictated by the Governing Council, comprises the President, Vice-President, and four additional members, one of whom is designated as the Chief Economist. All members are appointed for eight-year terms without the possibility of renewal. The board members collaborate with the governors of the national central banks within the eurozone to manage monetary policy.

Vujčić’s background includes significant experience in monetary policy, making him a competent fit for this pivotal position at the ECB during a critical time for the eurozone's economy. He was a leading figure in the planning and implementation of Croatia's own accession to the Euro currency.

The appointment is interesting, not least because Croatia only joined the Eurozone in 2023, and has only been a member of the EU since 2013. The appointment sets a tone for new members stepping up to take on more significant positions within the bloc.

It is not unprecedented that smaller EU countries are represented on the ECB Board, or even among the three big positions of President, Vice President and Chief Economist. Indeed, currently the Chief Economist position is held by Philip Lane, an Irish economist. However, the major roles at the ECB have generally been held by individuals from the larger EU economies, i.e. Germany, France, Spain and Italy. In contrast, Croatia is one of the smallest economies in the EU - eighth smallest by GDP and fifth smallest by GDP per capita (of the 27 member states using 2024 figures) - and the appointment of Vujčić to the ECB's second most senior position is likely to raise eyebrows. 

There is certain to be some behind-the-scenes competition in the coming year for the two other senior positions of President, which is currently held by Christine Lagarde (France) and will expire in October 2027, and Chief Economist, which is currently held by Philip Lane (Ireland) and will expire in May 2027. Another board position, currently held by German economist Isabel Schnabel, will expire in December 2027.

Thus begins a year-long game of musical chairs at the ECB, and backroom jostling in European Council meetings by the member states.

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