German Chancellor Friedrich Merz announced that his government will present a proposal on the European Central Bank leadership succession within days, positioning Spanish candidate Pablo Hernández de Cos with an early advantage.
Merz confirmed the timeline on Friday following discussions with French President Emmanuel Macron on the sidelines of a Dublin summit, noting that any formal plan requires consensus with his Social Democratic coalition partners, Ara.cat reported.
Merz said.
Hernández de Cos has consolidated support in recent weeks over his primary rival, Dutch central bank chief Klaas Knot, as potential successors line up to replace current ECB President Christine Lagarde.
França has moved to endorse the former Bank of Spain governor, according to reports from French and German media outlets that outline a broader package deal for the central bank’s executive board.
The anticipated agreement would distribute three upcoming vacancies across member states, with Berlin slated to appoint a new chief economist and Paris securing the director of market operations post.
Three senior positions turn over in the coming months, beginning with Isabel Schnabel’s departure as director of market operations on Jan. 3.
Chief Economist Philip Lane will step down from his post at the end of May alongside the eventual departure of Lagarde, whose early exit stems from neutrality concerns amid French electoral politics.
Eurozone leaders aim to formally seal the package deal during a Brussels summit on Nov. 26, which would launch an approval track involving the Eurogroup, the European Parliament, and the ECB itself.
Keep reading
