Euro zone ministers to discuss ECB appointments, but await leaders' guidance
TLT•Euro zone finance ministers will discuss two candidates to replace ECB President Christine Lagarde but are unlikely to recommend one before EU leaders reach a deal. Lagarde plans to step down on February 7, while leaders also need to fill two other Executive Board seats.
1. Candidates under discussion
Ministers will discuss Dutch former central bank governor Klaas Knot and Bank for International Settlements head Pablo Hernandez de Cos as candidates to replace Lagarde. Under EU rules, ministers recommend a candidate, who must then have a European Parliament hearing before EU leaders make the final appointment. EU governments would like to complete the process by the end of the year.
2. Three roles to fill
Lagarde will step down on February 7, nine months before her term ends. Leaders must also agree on replacements for ECB market operations head Isabel Schnabel, who leaves on January 3, 2027, and Chief Economist Philip Lane, whose term ends in May 2027. Officials said the three appointments are likely to be negotiated as a package among France, Germany, Spain and the Netherlands.
