The race for the presidency of the European Investment Bank (EIB) is on. At the end of 2023, will step down as head of the Luxembourg-based European Union bank, a post he has held since 1 January 2012.

European Commissioner Margrethe Vestager is one of the candidates to succeed him. “I am delighted that the Danish government has put my name forward,” she said. “And I confirm my availability for the evaluation, pending the next steps in the bank’s process.”

The 55-year-old former Danish minister (of education, ecclesiastical affairs, then the economy and interior affairs) has been in charge of competition in the European executive since 2014. This portfolio gives her responsibility for punishing anti-competitive practices and abuses of dominant positions by giants such as Google and Amazon.

It will be up to the governors of the EIB--made up of the designated ministers of the 27 member states, usually finance ministers--to appoint the future president for a renewable six-year term. “The list of candidates should be finalised by mid-August,” a source close to the matter told Delano’s sister publication Paperjam. “The council hopes to reach an informal agreement at the Ecofin (Economic and Financial Affairs Council, which brings together the European finance ministers) in September, and a formal decision at the end of October.” However, this is a provisional timetable and there is no guarantee that it will be adhered to.

Each country can propose its own candidate. According to Bloomberg, Italy, Poland and Sweden have already done so. Bloomberg quotes former finance minister Daniele Franco, EIB vice-president Teresa Czerwińska and bank vice-president Thomas Östros respectively. Spain is also said to be preparing to present its candidate. The list of candidates had not been officially confirmed to Paperjam by the chairman of the board of governors when the article was published.

This story was first published in French on . It has been translated and edited for Delano.