Croatia’s Vujčić to replace de Guindos as ECB vice-president

Boris Vujčić, the governor of the Croatian National Bank (HNB), has won the race to replace Spain’s Luis de Guindos as vice-president of the European Central Bank.

The Eurogroup forum of eurozone finance ministers on January 19 picked Vujčić over Bank of Finland governor Olli Rehn, Bank of Estonia governor Madis Müller, three-time Lithuanian finance minister Rimantas Šadžius, Latvian central bank governor Mārtiņš Kazāks and former Bank of Portugal governor Mário Centeno.

In a press release following the meeting, Eurogroup president Kyriakos Pierrakakis described the decision as a “very important success”. He added that decision represented “a sign of institutional maturity on the background of an exceptional number of candidates and past experiences, such as the one in 2012 where it took six months before consensus was found”.

Pierrakakis said all the other candidates had the skills and the expertise to fill de Guindos’s shoes. He noted that although the process still had to go through various forums, the eurozone was “on track for Boris Vujčić to take up his position at the ECB” as of June 1.

In a statement today (January 20), Vujčić said his nomination was “a recognition for the long-standing work of the [HNB], for the successful introduction of the euro in Croatia and for the contribution of our country to the functioning of the euro area. I am aware of the responsibility of the Vice-President of the European Central Bank and, if confirmed by the European Council, I will continue to push for price stability, the resilience of the financial system and citizens’ trust in the euro across the euro area.”

Vujčić will join the ECB board after de Guindos’s term as vice-president ends on May 31. He will be the board’s first member from a country that joined the European Union after 2004. Vujčić is currently serving his third term as HNB governor, a post he has held since 2012.

With the Eurogroup having agreed on the pick, the European Council will now have to adopt a “formal recommendation” to nominate Vujčić.

The ECB and the European Parliament will then be consulted. The central bank’s governing council will issue an opinion, and the parliament will hold a public hearing with the candidate before issuing a report and then adopting a resolution recommending him. The ultimate decision on whether to appoint Vujčić will lie with the European Council.

Last summer, Vujčić told Central Banking that his three terms at the HNB were “all turning out to be quite different”. The first had been focused on dealing with the outcomes of the global financial and eurozone debt crises, whereas the second had focused on “euro preparations”.

“One element underlying it all, and the thing that I’m probably most proud of, is related to financial stability,” he said. He said he was proud to have maintained banking stability throughout two major crises.

A spokesperson for the Bulgarian National Bank tells Central Banking that Vujčić’s nomination “reflects the strong professional standing of central bankers across the euro area”. The nomination process “underscores the depth of expertise available within the Eurosystem, and any confirmed appointment would further support the effectiveness and credibility of the ECB’s leadership”.

Latvian central bank governor Kazāks wrote on social media shortly after the news broke that he wished his Croatian colleague “all the success”. He added that he was looking forward to working with Vujčić on the ECB’s governing council on issues related to financial sector development.

Peter Kažimír, governor of the National Bank of Slovakia, also took to social media to congratulate Vujčić on his nomination.

Update, January 20, 2026: This article has been amended to include an excerpt from Vujčić’s statement