Merz Set to Meet Frontrunners as ECB Presidency Race Heats Up

The European Central Bank (ECB) presidency race has intensified as German Chancellor Friedrich Merz prepares to meet both frontrunners, Pablo Hernandez de Cos and Klaas Knot. The two contenders will discuss their candidacies with Merz in the coming days and weeks respectively.

De Cos, a former governor of the Bank of Spain, is set to meet Merz in the next few weeks, while Knot's meeting is scheduled for the coming days, according to people familiar with the matter. The meetings are seen as crucial in determining who will succeed outgoing ECB President Christine Lagarde.

Lagarde has hinted at a possible early exit from her position, which would likely trigger an accelerated timeline for selecting her successor. Schnabel's resignation announcement and Lagarde's comment have injected impetus into the selection process, making it increasingly likely that the three impending vacancies will be filled simultaneously.