Eurogroup sets 6 November deadline for euro-area nominations to succeed Lagarde at ECB

In brief

• Euro-area governments have until 6 November to nominate candidates to succeed Christine Lagarde at the ECB.
• Spain is backing Pablo Hernández de Cos and the Netherlands Klaas Knot, both seen as front-runners.
• Germany's choice depends on an agreement between Merz and Klingbeil, and the succession is tied to EU budget talks.
• The Eurogroup reviews the candidates on 9 November, ahead of Lagarde's February departure.

Deadline set for ECB succession

Governments of the euro area have until 6 November to propose candidates for the presidency of the European Central Bank, which Christine Lagarde is set to leave early next year (Eurogrupa czeka na kandydatów na prezesa EBC. Termin upływa 6 listopada – Puls Biznesu) (Euroalal algas võidujooks Lagarde'i mantlipärija kohale – ERR). The date was set by Eurogroup president Kiriakos Pierrakakis, who informed member states of the cut-off, according to a spokesperson for the Council of the EU (El Eurogrupo da de plazo hasta el 6 de noviembre para presentar candidatos a presidir el BCE – EL PAÍS). Eurogroup ministers are expected to take up the candidates at a meeting on 9 November (Єврогрупа 9 листопада розгляне кандидатури на посаду наступника глави ЄЦБ Лагард – Європейська правда).

Early names in the race

Spain plans to put forward Pablo Hernández de Cos, former governor of the Bank of Spain who now heads the Bank for International Settlements (La UE afronta una negociación de vértigo para cerrar el relevo de Lagarde y el nuevo presupuesto comunitario en diciembre – EL PAÍS). The Netherlands is expected to back Klaas Knot, a former president of the Dutch central bank. Both are widely seen as the front-runners.

Berlin and Paris still to weigh in

No ECB president has ever been appointed without the backing of both Germany and France, a point that ties the succession to wider European bargaining. In Germany, the choice is linked to whether Chancellor Friedrich Merz and Finance Minister Lars Klingbeil reach agreement on a German candidate (Personalwechsel bei der EZB: Wird es doch ein Deutscher? – ZEIT ONLINE). The succession fight also coincides with talks on the EU's next multi-year budget, a package of close to two trillion euros, with negotiations expected to run into December.

What comes next

After the 6 November deadline, the Eurogroup will review the nominations at its 9 November meeting. Euro-area leaders will then need to agree on a single name for the post, and Lagarde's departure is due in February.

Read also

• ECB President Christine Lagarde to step down in February 2027, months before term ends