Race to replace Christine Lagarde as ECB president begins

European Union countries have until Friday to nominate candidates to succeed Christine Lagarde as president of the European Central Bank (ECB), with an initial review of the nominations scheduled for 9 November.

Lagarde, who is French, announced her early departure from the Frankfurt-based institution in late October, triggering a succession race involving the eurozone’s major capitals.

“The President of the Eurogroup, Kyriakos Pierrakakis, has invited member states to submit their nominations by Friday,” his spokesperson said.

Eurozone finance ministers will review the candidates during a meeting in Brussels next Monday.

Among the frontrunners are Klaas Knot, the former governor of the Dutch central bank, and Pablo Hernández de Cos, who currently holds a senior position at the Bank for International Settlements (BIS).

The appointment will determine who leads the ECB, which sets monetary policy across the eurozone.