Belgium is putting up a strong candidate for the next vacancy on the executive board of the European Central Bank to rival the Irish government's nominee, Mr Michael Tutty.
Mr Peter Praet, who is currently a director of the Belgian National Bank, emerged as Belgium's choice yesterday, when the last alternative candidate, Mr Luc Coene, ruled himself out of the contest.
Mr Praet was for 12 years chief economist of Fortis Bank and its predecessor General de Banque. He subsequently spent a year as head of the private office of Mr Didier Reynders, the Belgian finance minister.
In this latter role he will have won allies among the European Union finance ministers, who have to decide on the replacement for the Spaniard, Mr Eugenio Domingo Solans.
The decision will be made during the Irish presidency, while the council of finance ministers is under the chairmanship of Mr Charlie McCreevy, who said this week that Mr Tutty was "an excellent candidate".
The thinking in Brussels is that Mr McCreevy's championing of Mr Tutty might yet be restrained by his responsibilities as chairman.
Belgium has tried twice before to win a seat on the ECB's executive board but the candidate on those two occasions, Mr Paul de Grauwe, an academic specialising in monetary systems, lost out to rivals.
The Belgian government was bruised by the experience. Mr Reynders let it be known he was reluctant to nominate a candidate who does not have a good chance of success.
The fact that Mr Coene ruled himself out yesterday saying that "I am not a candidate; Peter Praet on the other hand would be an excellent candidate" confirms the government's position.
Until last year Mr Coene headed the private office of the prime minister, Mr Guy Verhofstadt, and will have cleared his statement with the politicians beforehand.
Mr Praet (55) can boast formidable international experience. He has been a member of the ECB's committee for banking supervision and is said to have the support of Mr Jean-Claude Trichet, the president of the ECB.
