Euro Group: Candidates for the top of the ECB must be nominated by Friday

Christine Lagarde resigns from the ECB presidency early. Discussions about her successor are ongoing in the background. It boils down to a large package solution.

ECB boss Lagarde: She is leaving her office early in February. Photo: IMAGO/ZUMA Press Wire

Frankfurt. The euro countries are expected to name their candidates to succeed the European Central Bank (ECB) by Friday. The Eurogroup also said on Tuesday that the finance ministers of the euro countries would consider the nominations at a meeting on November 9th.

ECB President Christine Lagarde announced last week that she would resign in February, eight months before the regular end of her term in office. Her successor will be appointed by the EU countries based on a recommendation from the Euro states.

The Frenchwoman Lagarde has been head of the central bank since November 2019 and was actually supposed to remain so until October 2027. The Spaniard Pablo Hernández de Cos and the Dutchman Klaas Knot are given good chances to succeed Lagarde. Bundesbank chief Joachim Nagel could also be considered for this position.

monetary policy

Christine Lagarde is leaving earlier – her successor could be arranged surprisingly quickly

There had been speculation for a long time about Lagarde's early resignation and a move to the World Economic Forum (WEF) in Switzerland.

The 70-year-old recently revealed that her withdrawal is also related to the upcoming presidential election in her home country. She no longer wants to remain neutral and wants more freedom to express her views. France is preparing for a presidential election next spring, in which right-wing populist candidate Marine Le Pen is considered the favorite.

Lagarde's withdrawal now offers European heads of state and government the opportunity to determine the successor at the top of the ECB before the election in France in the spring. In addition, this paves the way for a package solution that also includes management positions that will become vacant next year - such as the successor to the German ECB Director Isabel Schnabel and ECB Chief Economist Philip Lane from Ireland.

More: “I want to be able to speak freely” – This is what ECB President Lagarde says about her early departure

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