Eurozone governments have been asked to submit nominations by Friday, 6 November, with finance ministers scheduled to examine the candidates at a Eurogroup meeting three days later. The accelerated timetable follows Lagarde’s announcement on 29 October that she will step down on 7 February 2027, approximately nine months before the scheduled end of her eight-year term. Her departure creates an unusually consequential leadership contest for an institution responsible for monetary policy across 21 European countries. The leading contenders are Pablo Hernández de Cos, former governor of the Bank of Spain and current general manager of the Bank for International Settlements, and Klaas Knot, who led the Dutch central bank until 2025.
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