Who will replace Lagarde? Eurozone picks nominees as race for ECB top job begins

The race to lead the European Central Bank (ECB) is formally under way. Eurozone governments have until this Friday to nominate a successor to Christine Lagarde, and the bloc's finance ministers will review the names at a meeting on 9 November, a spokesperson for the Eurogroup, which brings together eurozone finance ministers, told Euronews. Following Lagarde's letter to European Council President António Costa last Thursday, "the Council of the EU has initiated the procedure for appointing a successor to the ECB President," the spokesperson said.

"The members of the ECB Executive Board are appointed by the European Council, which takes its decision based on a Council Recommendation on a candidate," they explained, referring to EU leaders and national ministers, respectively. Only the countries that use the euro vote on that recommendation, which is why these appointments are discussed in the Eurogroup beforehand. Its president, Greek Finance Minister Kyriakos Pierrakakis, "has called on member states to send their nominations by Friday 6 November," the spokesperson added, concluding that "the Eurogroup, at its meeting on 9 November, will take stock of the nominations.

"A candidate will need the backing of at least 16 of the 21 eurozone countries, representing at least 65% of the bloc's population. EU leaders then make the final call, once the European Parliament and the ECB's Governing Council have given their opinions. Why Lagarde is leavingLagarde announced last week that she would leave on 7 February 2027, cutting her eight-year term short by almost nine months.

Speaking to reporters in Frankfurt later that day, she said leaving would give her the freedom to speak out beyond monetary policy. "I don't think that I can remain neutral," Lagarde said. "I'm interested in the truth, and I see the truth being very often damaged, contradicted by misrepresentation.

"However, Lagarde declined to say whether she would back a candidate in France's presidential election in April 2027. As Euronews has reported since February, rumours throughout the year have linked her timing to the elections in France, as an early exit gives French President Emmanuel Macron and German Chancellor Friedrich Merz a say over who replaces her while the far right polls strongly ahead of the April vote. Lagarde promised "perfect continuity of business", describing the ECB as "solid, strong like a rock".

The central bank kept its deposit rate at 2. 5% on the same day, and she will chair two more rate-setting meetings, in December and February. The frontrunnersTwo names lead the race for the ECB top job, both publicly backed by their governments in September, weeks before Lagarde's announcement.