Governments of eurozone countries must propose candidates to succeed Christine Lagarde as president of the European Central Bank by Friday, November 6. The nominations will be discussed by the finance ministers of the eurozone countries at their meeting on November 9.
“The Council of the EU has begun the procedure for appointing a successor to the president of the ECB,” a Eurogroup spokesperson told Euronews. According to the spokesperson, Eurogroup President Kyriakos Pierrakakis has urged member states to submit their proposals by the specified deadline.
Lagarde to Leave Office in February
Christine Lagarde announced that she would step down from her post early, on February 7, 2027. Her decision triggered the procedure for selecting a new president of the Frankfurt-based central bank. The European Central Bank confirmed the departure date, уточняя that her successor will be appointed by the European Council.
The change of president will take place against the backdrop of broader changes in the ECB’s leadership. In January 2027, Isabel Schnabel is due to move to the International Monetary Fund, while Chief Economist Philip Lane’s term expires in May. As a result, a total of three positions on the bank’s Executive Board will have to be filled next year.
De Cos and Knot Among the Leading Names
Among the main contenders to succeed Lagarde are Spain’s Pablo Hernández de Cos and the Netherlands’ Klaas Knot. De Cos is a former governor of the Bank of Spain and has headed the Bank for International Settlements since 2025. Knot is a former governor of the Dutch central bank and a long-standing member of the ECB’s Governing Council.
On November 9, finance ministers will review the nominations received and discuss the procedure for filling the three vacant positions. The decision on the president, however, will not be made by the Eurogroup. The nomination will be recommended by the eurozone countries, while the final selection will be made by the European Council after opinions from the European Parliament and the ECB’s Governing Council.
The candidate must receive the support of at least 16 of the 21 eurozone countries, representing at least 65% of the monetary union’s population. The procedure is expected to be completed in the coming weeks.
Sources: news.bg, euronews.com, rte.ie