Kenny coy over Draghi for ECB post

ITALY’S Mario Draghi is a strong contender to take charge of the European Central Bank (ECB) but, as in a major horse race, the favourite can never be assured of victory, the Taoiseach said yesterday.

Bank of Italy chief Draghi is the front-runner to replace France’s Jean-Claude Trichet as ECB president after his candidacy won the backing of Eurogroup chairman Jean-Claude Juncker and French President Nicolas Sarkozy.

These public endorsements have raised pressure on German Chancellor Angela Merkel, leader of the eurozone’s biggest economy, to accept Draghi as Trichet’s successor.

But Taoiseach Enda Kenny said he wants to see what other contenders emerge.

“A number of countries are already giving their support to [Draghi]. He’s a strong contender, but like any horse race for a major event, who knows who else would appear?” Kenny was quoted as saying in a transcript of an interview with CNBC.

“Mr Draghi, at the moment is a person of exceptional competence. He’s got a great reputation; he’s a front-runner at the moment,” he said.

“Let’s wait and see what the full field is, but I certainly wouldn’t underestimate his chances.”