Three senior European Central Bank posts are due to change hands by May 2027, giving governments a wider set of appointments to negotiate alongside the presidency. The process is under way, but no final agreement has been reported. Isabel Schnabel’s Executive Board seat and Chief Economist Philip Lane’s position are also set to become vacant in the coming months.
Spain is seeking unanimous support in the Eurogroup for Pablo Hernández de Cos, Vice-President Carlos Cuerpo said on Monday. Finance ministers are due to examine the candidates put forward by member countries at their 9 November meeting in Brussels. Spain formally nominated Hernández de Cos on 6 November, joining the Netherlands’ nominee, former Dutch central-bank governor Klaas Knot, in a two-candidate contest. An agreement is expected at the summit on 26 and 27 November, which is dedicated to the EU budget for 2028 to 2034. The Eurogroup discussion is an initial assessment, not an immediate recommendation. The EU appointment process calls for a Eurogroup recommendation, a European Parliament hearing and a final appointment by EU leaders.
Cuerpo said the government considered Hernández de Cos a strong candidate, citing his 30 years of sector experience and reputation for technical work. He also pointed to his management record and ability to build consensus. Hernández de Cos leads the Bank for International Settlements in Basel, a role he began in July 2025. He previously headed the Bank of Spain from 2018 to 2024. The Spanish nomination was conveyed in a letter from the authorities. Reuters reported that the nomination deadline closed with no other officially confirmed candidates.
His rival for the presidency is Klaas Knot of the Netherlands, who previously led De Nederlandsche Bank. The contest reflects differences in monetary policy: northern countries are described as favouring a tougher line against inflation and supporting Knot, while southern countries are presented as resisting greater reliance on higher borrowing costs for households and businesses.
The other expected changes help explain why governments are negotiating the appointments as a group. Christine Lagarde announced she would leave the presidency on 7 February 2027, before her mandate ends on 31 October that year. Isabel Schnabel announced in September that she would leave the ECB’s Executive Board and Governing Council to join the International Monetary Fund in January 2027; her departure is scheduled for 3 January. Chief economist Philip Lane’s eight-year term ends in May 2027. Reuters reported that the presidency and the two other senior roles were expected to be negotiated as a package by France, Germany, Spain and the Netherlands.
France has publicly expressed interest in the chief economist post. Cuerpo said the appointments should be settled together, taking geographic and political balance and gender into account. He said Spain had been preparing its candidacy for some time and that the timetable should be kept separate from Spanish elections. Separately, RUSSPAIN has reported on judicial experts’ requests for maintenance records in the Adamuz rail case.
