The race between the two was on the rise as completely open. For Enria spoke his many years of European experience and also the nationality Proporz. The 57-year-old has directed Eba for seven years and sets technical standards for banking regulation. In addition, Italy loses several European top scores next year when the terms of ECB chief Mario Draghi, EU foreign policy chief Federica Mogherini and European Parliament President Antonio Tajani expire.
Sharon Donnery scored his experience with the Irish central bank. In addition, only a few important services in the ECB are filled by women. For example, 23 out of 25 members of the Governing Council are men. The European Parliament and the ECB itself have long been pushing for a higher proportion of women in senior positions. Donnery is also the head of the ECB working group for problem loans. Managing it is likely to be one of the main topics for banking supervision in the coming years – and it was also discussed warmly in the choice between Donnery and Enria.
"The high stock of commonly used loans in Europe is a problem we have not yet resolved," says Bafin Felix Hufeld, German Financial Supervisory Authority in September, in an interview with Handelsblatt. This is a "big mortgage". Loans are considered to be at risk if repayments or interest payments are delayed by at least 90 days.
Banks in the euro area still carry very bad loans totaling € 657 billion, mainly due to the 2008 and 2009 financial crisis. Strong victims are southern European countries – especially Italy. The high level of bad loans is considered to be a major growth brake, as it means that the banks concerned tend to borrow more doubtful lending.
To address the problem, the ECB wants to agree with the individual plan plans that will determine how quickly they need to reduce the mountain with bad loans. From Hufeld's point of view it is now important that the adopted rules are applied consistently and not diluted.
The German Financial Supervisory Authority made it clear before the decision that it could live with both candidates. Sharon Donnery's stubborn attitude towards reducing bad loans is met with approval in the Federal Republic. But Enria also trusts bank supervisors to address the problem of determination. The concern of some critics, the Italian Enria may be somewhat lenient about the subject, insiders do not share. They point out that Enria had already shown a tough attitude in terms of bad loans during his time at Eba.
In addition, the German regulatory authorities have also worked well with Andrea Enria as Eba manager. They believed that Enria acted independently at Eba, focusing on EU interests – and not in his native Italy. Some also considered that the Italian government did not support his candidacy as a recommendation for him.
Following the vote in the Governing Council, the Italian Enria must now be confirmed by the European Parliament and approved by EU leaders. However, this is considered a formality. The European Economic Committee had already consulted the candidates and recommended Donnery and Enria. However, the French competitor Robert Ophèle had failed.
The choice of Enria may also affect further personnel decisions. For example, Irish Governor Philip Lane is considered a promising candidate for the succeeding ECB chief economist Peter Praet, whose maturity ends in May 2019. His chances are likely to increase with the Enrias election.
Ireland is the only founder of the euro who has never had a representative from the central bank's board. If Donnery had been chosen as Nouy's successor, Lane's drops could have decreased, as it may be difficult to get two Irish members to the ECB's top posts. Now the Lane chances may have gone up. At the end of the personal route, Sharon Donnery can still benefit from it and inherit Lane at the head of the Irish Central Bank.