The New Year brings two additional members from Malta and Cyprus to the European Central Bank’s Governing Council, adding new wild cards as member differ over where interest rates should go next, Christopher Emsden wrote on the Dow Jones Newswires.

Nobody expects Athanasios Orphanides and Michael Bonello, respectively the governors of the central banks of Cyprus and Malta, to strike a high profile at the ECB’s rate-setting meeting on 10 January. But ECB-watchers are looking for any early signs that they might not share the traditionally hawkish views of Germanic council members.

Their arrival comes right on the heels of ECB President Jean-Claude Trichet’s acknowledgment that the central bank’s December decision to keep interest rates unchanged was not unanimous, signalling an emerging split inside the governing council.

While the German economy shows continued strength, growth in Spain, France and Italy have in recent years been powered by credit and now appear to be running out of steam.

The disparity could reawaken the old concerns that a “one-size-fits-all” monetary policy dominated by inflation concerns could send countries with faltering economies into recession.

The ECB does not publish minutes or members’ votes, but recent comments make it clear discord is growing.

ECB hawks will likely make a last push for a rate hike in early 2008, fearing that the window of opportunity is closing as signs of an economic slowdown spread to more countries, said Banque AIG economist Bernard Connolly.

But with the ECB’s traditional unanimity now broken, counting votes will become more important, and the arrival of Malta and Cyprus marks a possible sea change.