Eurozone countries will announce candidates for the ECB presidency by November 6

Eurozone countries will announce candidates to replace European Central Bank (ECB) President Christine Lagarde by Friday, November 6.

In the statement made by the Euro Group, it was stated that the finance ministers of the member countries will evaluate the candidacy applications at the meeting on November 9.

ECB President Christine Lagarde, who announced that she would leave her post last week, is preparing to hand over her seat next February, approximately nine months before the end of her normal term.

Lagarde's successor will be appointed by European Union (EU) leaders in line with the recommendation of Eurozone countries.

The early resignation of Lagarde, who has been at the head of the ECB since November 2019 and is expected to remain in office until October 2027 under normal circumstances, has been on the agenda of the international public for a while.

It is claimed in the European press that Lagarde may become the head of the Switzerland-based World Economic Forum (WEF).

Strong candidates have already begun to be announced for the seat that will be vacant after Lagarde.

While the former President of the Bank of Spain Pablo Hernandez de Cos and the President of the Dutch Central Bank Klaas Knot stand out as the strongest actors in the race, it is stated that the President of the Federal Central Bank of Germany (Bundesbank) Joachim Nagel may also be among the candidates.

In her recent statements, 70-year-old Lagarde signaled that her decision to resign was linked to the upcoming presidential elections in her country, France.

It is stated that Lagarde, who has to maintain her impartiality due to her duty as the head of the Central Bank, wants to express her opinions more freely in the future.

France is preparing for a critical presidential election, scheduled to be held next spring, in which right-wing populist candidate Marine Le Pen is seen as the favorite.

Lagarde's departure from office in February gives EU heads of state and government the opportunity to determine the new leader of the ECB before the critical election in France.

On the other hand, this early departure paves the way for a comprehensive solution in determining other senior economic management staff within the union, including the seats of ECB Executive Board Member German Isabel Schnabel and ECB Chief Economist Irish Philip Lane, whose terms of office will expire next year.