Eurozone countries to nominate Lagarde replacement by Nov. 6
Eurozone finance ministers will discuss the candidates at their gathering next Monday.
Eurozone nations must submit candidates to succeed outgoing European Central Bank President Christine Lagarde by November 6. A Eurogroup spokesperson announced this on Tuesday, stating that the EU Council initiated the procedure. Kyriakos Pierrakakis, the ECB President, has urged member states to send their nominations by November 6.
Lagarde disclosed her departure from the post by February 7, 2027, resulting in a reshuffle at the ECB's top. Besides Lagarde's position, two other ECB executive board seats will also need filling next year. Isabel Schnabel is joining the IMF in January, and ECB chief economist Philip Lane is set to conclude his term in May.
At their meeting on November 9, eurozone finance ministers will evaluate the candidates and the process to fill the three vacant ECB executive board positions. However, the final decision on the ECB President will be made by the European Council, comprising heads of state and governments. The leading contenders to replace Lagarde are Spain's Pablo Hernández de Cos and the Netherlands' Klaas Knot.
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