The issue of who would be a better and more tolerable President of European Central Bank, is said to be difficult as Italy’s Mario Draghi is referred to as the favorite to take over the bank while Associates of German Finance Minister, Wolfgang Schaeuble has described his qualifications as undisputed.

The person in charge of deciding who would assume the position, German Chancellor Angela Merkel, has been reported not to be certain about the kind of person she wants.

Though the deadline of the appointment is fast approaching, Draghi’s career and the ECB’s fate are said to be woven around her political uncertainties.

Portugal’s looming bailout pushing the cost of aiding debt-wracked euro states past 250 billion Euros, has raised questions whether Merkel, who has been punished at the polls for backing rescues, could tolerate a southern European ECB chief.

Behind the whole event, the campaign for ECB president runs in the same pattern as efforts to contain inflation while stamping out the debt crisis that generated renewed speculation that Greece, now drawing on 110 billion Euros in European Union- led loans, will renege on its bills.

However the appointment is said to be dictated by monetary credentials and it will be the first time Europe has named a new top central banker since the ECB’s first two presidents were simultaneously selected in May 1998, eight months before the Euro’s debut.