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EU aims to choose Lagarde’s successor as ECB chief by year-end
The EU aims to choose the next European Central Bank president by year-end after Christine Lagarde said she would leave the role early.
Lagarde has led the ECB for seven years and is stepping down nine months before her term ends.
The two candidates are former Dutch central bank chief Klaas Knot and Spain’s Pablo Hernandez de Cos, who leads the Bank for International Settlements.
Eurozone finance ministers discuss candidates first, followed by a European Parliament hearing, before EU leaders make the final decision.
The appointment is part of a wider contest because two other ECB Executive Board positions also need to be filled in the coming months.
Officials expect the three jobs may be negotiated together, but EU leaders will make the final choices; Ireland’s finance minister hopes Lagarde’s replacement is selected by December.
The European Union aims to choose the next head of the European Central Bank by the end of 2026.
Eurogroup chief Kyriakos Pierrakakis said eurozone finance ministers would discuss the succession on November 9.
The two candidates named are former Dutch central bank governor Klaas Knot and Bank for International Settlements head Pablo Hernandez de Cos of Spain.
Christine Lagarde announced on October 29 that she would leave the post nine months before her term ends.
EU leaders must also fill two other ECB Executive Board positions, and the appointments may be negotiated as a package.
- Who
- EU and eurozone officials are considering a successor to ECB President Christine Lagarde. The candidates are Klaas Knot and Pablo Hernandez de Cos.
- What
- The EU aims to choose the next ECB chief by year-end.
- When
- The goal is by the end of 2026. Ministers discussed the succession on November 9.
- Where
- The discussions are among EU and eurozone officials. Pierrakakis spoke before a Eurogroup meeting.
- Why
- Lagarde announced she would step down early, making the appointment schedule tight. Two other ECB Executive Board positions also need to be filled.
This story does not have two clearly opposing sides.
Christine Lagarde announced that she would step down nine months before her term ends.
Eurozone finance ministers met for an initial discussion of the ECB presidency race.
The EU aims to complete the process of choosing the next ECB chief.
- Target date
- By the end of 2026
- ECB candidates
- Klaas Knot and Pablo Hernandez de Cos
- Lagarde announcement
- October 29
- Other vacancies
- Isabel Schnabel’s seat opens January 3, 2027; Philip Lane’s term ends in May 2027
- Appointment process
- Finance ministers put forward a candidate, followed by a European Parliament hearing and a final decision by EU leaders
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What people are saying
The ambition here is that the whole process would have completed itself by the end of the year
He knows the ECB inside out. He's been leading institutions such as the Bank of Spain, such as BIS as well. A steady hand, but always a profile to be able to find consensus
He has a very clear understanding of the ECB mandate and he has... a lot of experience to fulfil this position.
an opportunity to trade favors