> ## Content Index
> Fetch the complete content index at: https://www.theglobalbanker.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Eurozone sets 6 November deadline for nominees to succeed Lagarde at the ECB
- URL: https://www.theglobalbanker.com/eurozone-sets-6-november-deadline-for-nominees-to-succeed-lagarde-at-the-ecb/
- Published: 2026-11-03T13:02:57.000Z
- Updated: 2026-11-03T17:04:25.000Z
- Description: Eurozone governments have until 6 November to nominate a successor to Christine Lagarde, with ministers meeting on 9 November and three of the ECB's six board seats to fill within five months.
- Author: TGB Editorial Team
- Tags: Executive Moves, Europe, #newsroom

Eurozone governments have until Friday 6 November to nominate a successor to Christine Lagarde at the European Central Bank, after the Eurogroup said on Tuesday that the Council of the EU had opened the procedure to appoint the next ECB President. Kyriakos Pierrakakis, the Eurogroup's president, has asked member states to send their names by that date, a spokesperson said.

Finance ministers will take stock of the nominations at their meeting on 9 November, where an EU official told Politico they will also discuss how to fill all three open posts on the ECB's Executive Board. A candidate needs the backing of at least 16 of the 21 eurozone countries, representing at least 65% of the bloc's population.

## HOW THE CHOICE IS MADE

The procedure began after Lagarde wrote to European Council President António Costa last Thursday, Euronews reported. Members of the Executive Board are appointed by the European Council on the basis of a Council recommendation, and only the countries that use the euro vote on that recommendation, which is why the Eurogroup discusses the names first.

EU leaders take the final decision once the European Parliament and the ECB's Governing Council have given their opinions. Lagarde has said she will leave on 7 February 2027, cutting her eight-year term short by almost nine months, and has promised "perfect continuity of business".

The ECB kept its deposit rate at 2.5% on the day she announced her departure, and she will chair two more rate-setting meetings, in December and February.

## TWO FRONT-RUNNERS

Euronews names two main candidates. Pablo Hernández de Cos is general manager of the Bank for International Settlements and was governor of the Bank of Spain from 2018 to 2024; Spanish Prime Minister Pedro Sánchez endorsed him on 23 September, Spain's first bid for the presidency.

The other is Klaas Knot, who led the Dutch central bank for 14 years until 2025 and whom Dutch Prime Minister Rob Jetten called a "perfect fit" for many countries. Bundesbank President Joachim Nagel has also previously come up in the race, although no German has ever led the ECB.

## THREE SEATS IN FIVE MONTHS

The presidency is not the only vacancy. Isabel Schnabel, who oversees the ECB's market operations, leaves for the IMF on 3 January, and the term of chief economist Philip Lane ends at the end of May.

With half of the six-member Executive Board changing hands within five months, capitals are expected to bargain over the three posts as a package, Euronews reported. Paris is likely to aim for the chief economist post rather than a third French presidency, while Madrid wants a seat back on the board after losing the vice-presidency this year.

## THE TGB VIEW

The dates now set the pace: nominations close on 6 November and ministers meet on 9 November, while Schnabel leaves on 3 January and Lagarde on 7 February 2027\. Because half of the six-member board turns over within five months, capitals are expected to bargain over the three seats as one package, and Paris is likely to aim for the chief economist post rather than the presidency. Lagarde's December and February rate meetings will be chaired by a president already on her way out.

*Related: [European central banks propose flexible MiCA liquidity rules for stablecoins](https://www.theglobalbanker.com/european-central-banks-proposed-flexible-mica-liquidity-rules-for-stablecoins/)*