On Tuesday morning RTL radio reported that Yves Mersch, the head of Luxembourg's central bank, hasn't been retained as an official candidate for a seat in the directorate of the European Central Bank in Frankfurt.

At the end of May current incumbent, Spaniard José-Manuel Gonzalez-Paramo, is vacating his post. Madrid is adamant however, to keep one of its nationals in said seat.

The final decision will be announced on 20 February.