Race to succeed Christine Lagarde as ECB president enters final phase

The process to select a new president for the European Central Bank (ECB) has reached its deadline today, Friday, November 6, 2026. The nomination period closes at 17:00 Brussels time, marking a critical stage in the succession of Christine Lagarde, who has announced her intention to step down on February 7, 2027, nine months before her term ends.

Leading candidates for the position include the former governor of the Bank of Spain, Pablo Hernandez de Cos, and the former head of the Dutch central bank, Klaas Knot. According to reports citing Bloomberg, additional candidates may still emerge during subsequent negotiations. The final selection remains subject to intense political bargaining, particularly between the leaders of the eurozone's two largest economies, German Chancellor Friedrich Merz and French President Emmanuel Macron.

This leadership race is part of a broader reorganization of the ECB’s Executive Board, which also involves upcoming vacancies for positions held by Isabel Schnabel and chief economist Philip Lane. Eurozone finance ministers are expected to begin reviewing the nominations on Monday, November 9, 2026.