Lagarde Revives Speculation About Early ECB Departure
Christine Lagarde has again refused to rule out leaving the European Central Bank (ECB) before her mandate ends. When asked by Irish broadcaster RTE if she might leave before her term formally runs until 31 October 2027, Lagarde replied 'We'll see'. This brief response has brought the succession contest back into focus, with several governments already preparing for it.
Spain is positioning itself for a significant role in shaping the ECB's next leadership team. Economy Minister Carlos Cuerpo said that the debate over Lagarde's replacement would gather pace after the summer and stressed that Madrid is preparing for more than just the presidency alone.
The strongest potential candidate from Spain is Pablo Hernández de Cos, the former governor of the Banco de España and current head of the Bank for International Settlements. His name has also been circulated alongside those of Dutch central banker Klaas Knot and Germany's Joachim Nagel, Isabel Schnabel and Jörg Kukies.
The ECB's leadership structure is complex, with several positions changing in 2027. Lagarde is due to leave alongside executive board member Isabel Schnabel and chief economist Philip Lane, who are both set to depart at the same time as their president.