France and Germany Agree on ECB Leadership Change: Spaniard Hernández de Cos Considered Frontrunner for Presidency After Lagarde

A European Commission spokesperson confirmed on Friday, November 13, 2026, that two candidates have been nominated for the post of President of the European Central Bank, currently held by Christine Lagarde. This became known in Dublin, where EU leaders gathered for an informal summit. According to the Spanish newspaper El País, France and Germany are finalizing an agreement on key positions within the central bank, with Spaniard Pablo Hernández de Cos, former Governor of the Bank of Spain and General Manager of the Bank for International Settlements (BIS) in Basel since July 1, 2025, considered the frontrunner for the next ECB presidency.

Two Candidates and the Secrecy of Names

The EU official did not publicly name the two contenders; however, as Euronews previously reported, they are Hernández de Cos and former Dutch central bank chief Klaas Knot. European Council President António Costa briefed EU leaders on Friday morning and intends to start consultations with the European Parliament and the ECB Governing Council at the EU summit on November 26. A deadline of November 18 has been set for submitting nominations for two other vacancies on the six-member Executive Board — namely, the positions of Chief Economist and Head of Market Operations, both considered pivotal in the leadership.

Franco-German Deal: Who Gets What

German Chancellor Friedrich Merz and French President Emmanuel Macron are engaged in “intensive” negotiations regarding the candidates, according to the EU spokesperson. In Dublin, Merz told journalists that agreements are taking shape but are not yet final, and that he needs a few more days to consult with coalition partners before presenting Germany’s proposal next week. According to Handelsblatt, under the proposed deal, Berlin would secure the post of Chief Economist, while Paris would take the seat of Isabel Schnabel, who is responsible for market operations. The Chancellor's office, the newspaper reports, wants Princeton University Professor Markus Brunnermayer for the Chief Economist post. In an alternative scenario where Knot becomes ECB president, France would get the Chief Economist position and Germany would retain the market operations portfolio.

Why Hernández de Cos is the Frontrunner

According to El País, France is leaning toward Hernández de Cos, whose more moderate stance on monetary policy suits a country facing budgetary pressures. On Monday, Spanish Economy Minister Carlos Cuerpo told Euronews that Hernández de Cos's experience and ability to build consensus make him an ideal candidate for the top post. If appointed, Hernández de Cos would leave the BIS, creating another high-profile vacancy in the organization often dubbed the “central bank for central banks.” His successor will be chosen by the BIS Board of Directors.

Massive Executive Board Turnover

With Isabel Schnabel leaving the ECB on January 3, 2027, to join the IMF, three of the six Executive Board members will have departed in less than five months. This is why leading eurozone governments are negotiating all posts as a single package. A German government spokesperson stated that Berlin expects “adequate” representation in the ECB leadership and anticipates reaching an agreement by the end of 2026. In any case, according to Handelsblatt's assessment, the Franco-German deal will result in both key Executive Board posts going to the two largest eurozone economies.