ECB Insight: Lithuania Confirms ECB VP Candidacy of Former Finance Minister Šadžius

6 January 2026

By David Barwick – FRANKFURT (Econostream) – The Lithuanian Finance Ministry on Tuesday confirmed that it was putting forward three-time finance minister Rimantas Šadžius as a candidate to succeed European Central Bank Vice President Luis de Guindos, corroborating Econostream’s reporting from 18 December.

“Rimantas Šadžius's long-term experience as Minister of Finance, especially during Lithuania's accession to the euro area in 2015, is invaluable and deserves to be used on a European scale,” Minister of Finance Kristupas Vaitiekūnas said, according to a press release on the website of the ministry.

“It is also noteworthy that the Executive Board of the European Central Bank has so far not had a representative from the new Member States that joined the European Union after 2004,” Vaitiekūnas continued. “Proper geographical balance is an essential prerequisite for the legitimacy and effectiveness of every European Union institution.”

De Guindos’ term ends on 31 May 2026. In addition to Šadžius, candidates—official or otherwise—include former Banco de Portugal governor Mário Centeno, Latvijas Banka governor Mārtiņš Kazāks, Eesti Pank Governor Madis Müller, Bank of Finland governor Olli Rehn and Croatian National Bank governor Boris Vujčić.

Šadžius most recently held the post of Lithuanian finance minister from December 2024 until late September 2025 and previously served for 3.5 years until mid-2016 as well as for 1.5 years to December 2008. A member of the Social Democratic Party, Šadžius also served as acting prime minister for almost two months through September.

In our opinion, Šadžius, the only known candidate who is not a central banker, faces an uphill battle. But as we suggested three weeks ago anyway, “we incline to the view that the bid is intended to serve additional objectives beyond the immediate vice presidency.”

That appears to indeed be the case. As one person close to the process tells us, Vilnius’ calculus is that submitting a name averts the threat of Lithuania being overlooked for a generation by ensuring that the Baltic country is seen to be “at the core of the process.”

A more promising approach would have been to find a qualified female candidate, this person noted, given that all six current contenders are male amid pressure for stronger gender balance in top EU appointments.

The press release of the Lithuanian Finance Ministry attested to Šadžius’ “good understanding of macroeconomics, finance, fiscal and monetary policy,” noting that he had been a member of the European Court of Auditors from 2016 to 2022 and focused on EU banking and financial services, capital markets and economic governance.