Brussels [Belgium], November 4: Eurogroup President Kyriakos Pierrakakis has set Friday, 6th November, as the deadline for euro area governments to nominate candidates to succeed Christine Lagarde as President of the European Central Bank (ECB), following her announcement that she will step down on 7th February 2027, nearly nine months before her term expires.
A Eurogroup spokesperson confirmed on Tuesday that the Council of the European Union had initiated the appointment procedure following Lagarde's letter of 29th October to European Council President Antonio Costa formally announcing her early departure.
Euro area finance ministers will conduct an initial review of nominations at their meeting on Monday, 9th November.
Under the appointment procedure, the European Council makes the final decision on a recommendation from the Council of the EU, supported by euro area member states, following discussions within the Eurogroup.
Leading potential candidates include Pablo Hernandez de Cos, former Governor of the Bank of Spain and current General Manager of the Bank for International Settlements (BIS), and Klaas Knot, former President of De Nederlandsche Bank.
Both have received backing from their respective governments. Spanish Prime Minister Pedro Sanchez has praised Hernandez de Cos's competence and leadership experience, while Dutch Prime Minister Rob Jetten has expressed support for Knot, citing his experience in managing complex economic issues.
The selection comes amid wider changes to the ECB's six-member Executive Board, with Isabel Schnabel due to leave on 3rd January 2027 and Chief Economist Philip Lane's term ending in May 2027.
The overlapping vacancies could prompt negotiations among European governments over the three senior appointments, taking geographical and political balances among member states into account.
Source: Emirates News Agency
