The key facts
- Pablo Hernández de Cos and Klaas Knot are vying for the ECB presidency; the Eurogroup has confirmed both candidacies
- France and Germany are holding 'intense' talks on a package of posts, including chief economist and head of market operations
- Three of the six members of the ECB Executive Board are leaving the bank within less than five months
Two candidates for the ECB top job
The European Union has officially confirmed the nomination of two candidates to succeed Christine Lagarde at the head of the European Central Bank. An official EU spokesperson announced this on Friday, November 13, on the sidelines of an informal summit in Dublin. He did not name the candidates, but it was previously reported that the contenders are former Bank of Spain governor Pablo Hernández de Cos and former head of the Dutch central bank Klaas Knot. The Eurogroup confirmed both candidacies last week.
Talks between Berlin and Paris
According to the Spanish newspaper El País, France and Germany are finalizing agreement on a package of the ECB's top positions, and Hernández de Cos is considered the frontrunner for the presidency. German Chancellor Friedrich Merz and French President Emmanuel Macron are holding 'intense' talks. In Dublin, Merz told journalists that an agreement is 'within sight' but not yet finalized, and that he needs a few days to consult with coalition partners before Germany presents its candidate next week. The German government spokesperson said Berlin wants 'adequate' representation in the ECB leadership and expects a deal by the end of the year.
Who gets which post
According to El País, France is leaning toward Hernández de Cos: his moderate stance on monetary policy suits a country under fiscal pressure. He would become the first Spanish economist to head the ECB. Spanish Economy Minister Carlos Cuerpo previously called his experience and ability to build consensus grounds to consider him the ideal candidate. According to the scheme reported by the German business newspaper Handelsblatt, Berlin would receive the post of chief economist, while Paris would take the seat of Isabel Schnabel, who is responsible for market operations. Merz's chancellery, the newspaper reports, wants Princeton University economist Markus Brunnermeier for this position — the second most important at the ECB — replacing Philip Lane, whose term expires in May. If Knot becomes president instead, France would take the chief economist post, while Germany would keep the market operations portfolio.
Personnel reshuffle and a vacancy in Basel
European Council President António Costa informed leaders on Friday morning and intends to begin consultations with the European Parliament and the ECB Governing Council at the EU summit on November 26. Nominations for the two remaining seats on the six-member Executive Board — chief economist and head of market operations — must be submitted by November 18. Choosing Hernández de Cos would also vacate the post of General Manager of the Bank for International Settlements in Basel, which he has held since July 1, 2025; his successor will be chosen by the BIS board of directors. Since Schnabel is leaving the ECB on January 3 to work at the IMF, three of the six Executive Board members are departing within less than five months — which is precisely why governments are coordinating the appointments as a single package.
