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Knot and Hernandez de Cos, currently head of the Bank for International Settlements, were seen as the frontrunners even before the list was published by the head of the euro area grouping of finance ministers, Kyriakos Pierrakakis. Lagarde last month announced she would step down in February, months before her term ends, triggering the race to succeed her. EU leaders will appoint Lagarde’s replacement based on a recommendation by euro area finance ministers, who meet regularly in a format known as the eurogroup. The ministers will discuss Lagarde’s replacement on Monday, but at this stage, there is no expectation that they will recommend a single candidate.
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