Luis de Guindos, Spain's Minister of Finance, is likely to replace Dutchman and current euro group president Jeron Dijsselbloem when he steps down in November. De Guindos is counting on support from Germany's powerful finance minister, Wolfgang Schäuble, and a tacit approval from Pierre Moscovici in France (meaning he won't do anything to stop De Guindos).
Guindos is being awarded the coveted prize of directing the EU economy for his work carrying out financial sector reforms in Spain. The process cost only 40 billion euros, which was far less than the 100 billion that Brussels would have allowed. The European Commission will use the appointment to acknowledge Spain for its efforts and pat themselves on the back for its policy. It also responds to those who accused EU leaders of inhibiting growth with their stiff austerity plan. Dijsselbloem steps down from a volatile presidency and leaves the path clear for Guindos to thrive. Even if he does little, he will best the Dutchman.
Rajoy knows that Guindos is Spain's chance to take a leading role on the EU stage. The nation lacks representation since González Páramo left the European Central Bank nearly a year ago and Joaquín Almunia will step down from his delegate role with the European Commission later this year. The Spanish government wants to fill this spot with another Spaniard. This seems wise, because Spain needs to regain some influence in the EU and Moncloa knows that jockeying for a good position within EU institutions is a good way to make up for a lackluster term in office.
