German Chancellor Friedrich Merz is scheduled to meet the two leading candidates to succeed European Central Bank President Christine Lagarde. Spain’s former Bank of Spain governor Pablo Hernández de Cos, now general manager of the Bank for International Settlements, will meet Merz within the next few weeks, while the Dutch candidate Klaas Knot, former head of the Dutch central bank, is expected to meet Merz in the coming days. Both candidates have received public backing from their respective national leaders.
Lagarde has indicated she may step down several months before the scheduled end of her term in October 2027. Board member Isabel Schnabel is set to leave the ECB in early January, and chief economist Philip Lane’s mandate expires in May, accelerating the succession timetable. Finance ministers of the euro‑zone could begin discussions on Schnabel’s replacement as early as next week.
Berlin has ruled out Bundesbank President Joachim Nagel for the ECB presidency and may instead target other senior ECB positions, including the chief economist role or the markets portfolio vacated by Schnabel. Potential German candidates mentioned include Princeton economist Markus Brunnermeier, Berkeley professor Ulrike Malmendier, former IMF official Tobias Adrian and former German finance minister Joerg Kukies.
French President Emmanuel Macron has not yet met either candidate, although senior French officials have held discussions with both. Greece’s prime minister has suggested that European leaders could seek a broader agreement covering the three imminent ECB vacancies.