Croatia’s Boris Vujčić Chosen as ECB Vice-President

The news in Croatian

1. guverner  (m.)
   osoba na čelu važne državne ili financijske institucije, npr. središnje banke ↩︎
2. potpredsjednik  (m.)
   osoba koja je odmah ispod predsjednika u hijerarhiji neke organizacije ili države ↩︎
3. središnji
   koji je u sredini ili ima glavnu, najvažniju ulogu u nečemu ↩︎
4. uspjeh  (m.)
   dobar rezultat nekog rada ili truda; ostvarenje cilja ↩︎
5. priznanje  (n.)
   pozitivno vrednovanje ili pohvala za nečiji rad ili zasluge ↩︎
6. uloga  (f.)
   funkcija ili zadatak koji neka osoba, organizacija ili država ima u određenoj situaciji ↩︎

Translation

Text comprehension

Question 1: What job does Boris Vujčić have now, before becoming the new ECB Vice-President?

Question 2: Whom will Boris Vujčić replace as ECB Vice-President, and when will this change happen?

Vocabulary

Croatian	English
guverner  (m.)	governor
potpredsjednik  (m.)	vice-president
središnji	central
uspjeh  (m.)	success
priznanje  (n.)	recognition
uloga  (f.)	role

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The governor of the Croatian National Bank, Boris Vujčić, has been selected by eurozone finance ministers as the next vice-president of the European Central Bank (ECB). He is set to replace Spain’s Luis de Guindos, whose mandate ends in late May. The remaining approval steps at the European Union (EU) level are widely described as formalities.

The decision was taken at a meeting of the Eurogroup, which brings together finance ministers of the 21 countries that use the euro. Vujčić obtained the required qualified majority: support from at least 16 eurozone members representing at least 65% of the eurozone population. According to officials, there were several voting rounds before he was eventually endorsed by acclamation.

In total, six candidates competed for the post. Besides Vujčić, the list included Mario Centeno (Portugal), Martinš Kazaks (Latvia), Madis Mueller (Estonia), Olli Rehn (Finland) and Rimantas Šadžius (Lithuania). Most of them currently serve or have served as central bank governors or senior financial officials in their countries. Reports indicate that Vujčić’s final opponent in the last round was Finland’s Olli Rehn.

Following the Eurogroup’s choice, finance ministers of all 27 EU member states are expected to send a formal recommendation to the European Council, the body that represents EU heads of state or government. Before the Council takes its final decision, it must consult both the European Central Bank and the European Parliament. The confirmation is expected at a European Council summit in March, and Vujčić is due to take office on 1 June.

The Executive Board of the ECB consists of the president, the vice-president and four other members. They are appointed by the European Council for a single, non-renewable term of eight years. All must be nationals of euro-area countries and have recognised standing and professional experience in monetary or banking matters. As vice-president, Vujčić will help shape monetary policy for the eurozone and support the president in leading one of the world’s most influential financial institutions.

Several Croatian officials presented the nomination as a significant acknowledgment for both Vujčić and Croatia. Prime Minister Andrej Plenković congratulated him on the social network X, calling it a major international success and a strong recognition of Croatia’s contribution to the euro area. Plenković stated that the government had formally proposed Vujčić and had actively lobbied for his candidacy, highlighting the role of Finance Minister Marko Primorac and Croatian diplomats in Brussels.

Plenković and other members of the government also underlined that Vujčić is the first candidate for ECB vice-president from the newer EU member states and the first from Central and Eastern Europe. In their view, his nomination reflects Croatia’s performance as a recent entrant to the eurozone, which adopted the euro in 2023 and has, according to them, maintained economic and financial stability despite global challenges.

Finance Minister Marko Primorac described the selection as a great success for Vujčić personally and for the Republic of Croatia. He pointed to Vujčić’s reputation in international financial circles, his expertise and long experience in central banking as reasons why he is seen as able to contribute substantially to the work of the ECB.

For Croatia, Vujčić’s move means that he will no longer serve as governor of the Croatian National Bank (HNB). This opens the question of who will succeed him in that role, although Croatian sources have not yet provided detailed information on potential candidates or the timetable for a replacement.

Some media in Croatia have also focused on the financial aspect of the ECB post. Publicly available data indicate that the vice-president’s annual basic gross salary is slightly above €343,000. The estimated net monthly salary is around €18,000, excluding various allowances such as housing, education for children and other benefits, which can further increase overall remuneration. By comparison, Vujčić’s declared net monthly income as HNB governor was reported at about €7,835.

From a wider European perspective, Eurogroup president Kiriakos Pierakakis emphasised that reaching agreement on a candidate at the first meeting was notable. He contrasted this with earlier appointments, such as in 2012, when it reportedly took several months to reach consensus. He described the swift outcome as a sign of institutional maturity within the eurozone.

Once officially confirmed, Boris Vujčić will become one of the top decision-makers in eurozone monetary policy. For observers outside Croatia, his appointment illustrates how smaller and newer EU member states can gain visibility and influence within the institutions that govern the European single currency.

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