ECB is currently underway major structural changes, as the ministers gather to discuss who should become the next Vice President. This meeting proposes to be a very pivotal one, as the appointment will be the first in a reshuffle of positions within the Central Bank that could change the course of its monetary policy.

Four out of six positions within the ECB executive board will have to be replaced by the end of 2019. The first of these will take place on June 1, which will be the new vice president’s first day on the job. The two probable names which can replace the current Vice President, Vitor Constancio, are Spanish Economy Minister Luis de Guindos and Philip Lane, the governor of Ireland’s Central Bank.

Now the bigger picture turns hawkish, as the chances of a northern European becoming the next ECB President, a seat which will get vacated next year, increases. The 19 finance ministers will discuss Monday and potentially vote on Tuesday, if there’s no consensus, on their preference for the next ECB vice president. Fourteen out of the 19 ministers need to approve the same name.

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