The President of the Eurogroup today argued that the three unfilled vacancies in the Executive Board of the European Central Bank (ECB) should be discussed simultaneously by the leaders of the European Union (EU), admitting that the timetable is tight.
© Reuters
09/11/2026
by
Lusa
O president of the Eurogroup today argued that the three unfilled vacancies in the Executive Board of the European Central Bank (ECB) should be discussed simultaneously by the leaders of the European Union (EU), admitting that the timetable is tight.
“ We are faced with an unprecedented situation: we do not only have an empty position, but three positions that are currently to be filled, and [...] it makes sense that these positions should be dealt with simultaneously at the level of the leaders,” the EU said Kyriakos Pierrakakis, speaking at the Eurogroup press conference in Brussels.
Pointing out that there is a “very tight deadline”, the President of the Eurogroup indicated that the informal single currency forum intends to “play with flexibility and speed in adapting the process in order to do everything possible to meet the deadline, precisely because it is very tight.”.
“The ideal would be to reach a final decision before the end of the year, before the end of the year, as [the ECB’s resigning president] Christine Lagarde has publicly stated that she will remain in office until February 7th,” Kyriakos Pierrakakis stressed.
According to the person responsible, “there is a specific process that needs to be adapted”.
According to the person responsible, it makes sense that the three positions should be dealt with at the same time as the Heads of State or Government, since the final decision is up to European leaders.
The president of the Eurogroup said that he will meet with the President of the European Council, António Costa, to discuss “the process” of filling the vacancies.
At today's meeting, the Finance Ministers of Spain and the Netherlands had the opportunity to submit the two applications under discussion, and the President of the Eurogroup considered that they both did “an extremely good job in presenting the profiles of the two candidates”.
The choice process takes place in the context of three positions to be filled in the Executive Board of the ECB, a body composed of six members, including the Presidency, responsible for conducting the monetary policy of the institution.
Member States had until Friday to submit candidatures for Christine Lagarde’s succession, which announced the departure of the ECB presidency on February 7, 2027, anticipating the end of the term of office in about nine months.
The succession may be negotiated in conjunction with two other vacancies on the Executive Council: Isabel Schnabel, who leaves in January to take office at the International Monetary Fund, and that of chief economist Philip Lane, whose term ends in May 2027.
The deadline for applications for Schnabel's vacancy expires on November 27, while the schedule for Lane's replacement is not yet set.
On the table is the possibility of negotiating the three package appointments to facilitate political agreement between the Member States.
The Executive Board of the ECB shall consist of six members, appointed by the European Council for a non-renewable term of office of eight years, and shall be responsible for conducting the monetary policy of the euro area.