Why not? Provided that the EU Presidency (or the Chairmanship of its "European Council") becomes a matter of popular vote, as opposed to being appointed by the heads of state or government of the 27.
I had blogged on this on 11/10/2009, before the first President of the European Council was appointed. And tweeted about it around the same time.
It was then clear that Mr. Schwarzenegger, a moderate Republican, then governor of California would make a good candidate for the US Presidency, except for the fact that he was not born a US citizen. And that the experience of the Austrian born world class bodybuilder, then actor, then businessman then politician, as the governor of one of the world's biggest economies (California) would be a shame to waste.
It was also clear , not only in 2009 but also back in 2004, that it would be very difficult to find a European of pan-European popular appeal in case the EU Presidency became the subject of a vote by the EU citizens.
Hence the appeal, even far fetched (?) of an Arnold Schwarzenegger candidacy for an upgraded EU Presidency post. Too political sci-fi? Well, IMO only time will tell! Remember this post.
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