Updated

Updated · Bloomberg · Nov 9

Euro-Zone Ministers Open 2-Way ECB Race Review as Knot, De Cos Warn on Economic Risks

Updated

Updated · Bloomberg · Nov 9

Euro-Zone Ministers Open 2-Way ECB Race Review as Knot, De Cos Warn on Economic Risks

Q: Which major Eurozone power will sacrifice their 2027 executive board ambitions to secure the ultimate prize of the ECB presidency?

Germany appears to be the major eurozone power most likely to give up a bid for one of the 2027 ECB executive board prizes in order to strengthen its leverage in the broader leadership bargain around the presidency. The reporting points to Berlin focusing on keeping a German presence on the Executive Board by nominating a successor to Isabel Schnabel, whose seat opens in January 2027, while “not claim[ing] the presidency and probably not the chief economist position,” as Berenberg’s Holger Schmieding put it. That makes Germany the clearest case of a big euro-area country scaling back wider ambitions in the package deal. The broader horse-trading involves France, Germany, Spain and the Netherlands. Spain is actively pursuing the presidency for Pablo Hernández de Cos, while the Netherlands is doing the same for Klaas Knot. France is widely seen as targeting the chief economist role after Philip Lane’s term ends in May 2027. In that context, Germany looks set to sacrifice a larger sweep of 2027 ambitions rather than contest every top ECB job. That said, the final package has not been agreed. EU leaders are expected to treat the presidency, Schnabel’s board seat and Lane’s chief economist post as one negotiation, so positions can still shift. But based on the current reporting, Germany is the major power most clearly prepared to trade away broader 2027 board ambitions while the contest for the ECB’s top job is settled.

3 articles · Updated · Bloomberg · Nov 9

Brussels hosted euro-zone finance ministers on Monday for a first assessment of the European Central Bank presidency contest, marking the opening of the race to succeed the current chief.
A 2-way field has emerged between Dutch candidate Klaas Knot and Spanish candidate Pablo Hernandez de Cos after both publicly addressed current economic risks.
Kyriakos Pierrakakis, the Eurogroup president, described the ministers' session as an "information point," indicating the meeting was an initial stocktaking rather than a decision stage.
The early review puts economic-risk management at the center of the succession debate as euro-area governments begin weighing the next ECB leader.

Sources

Left17%

Center33%

Right50%

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9 Sources

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Which major Eurozone power will sacrifice their 2027 executive board ambitions to secure the ultimate prize of the ECB presidency?

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