Portugal admits to consider Portuguese candidate to the ECB’s board

O minister of Finance today admitted that if there is an opportunity, the Government “will not fail to propose a Portuguese” to one of the future vacant posts on the Executive Board of the European Central Bank (ECB) in addition to the President.

 
“ We will analyze together and if there is an opportunity to propose a Portuguese to one of these places, we will not stop doing so,” said Joaquim Miranda Sarmento.

Speaking to the Portuguese press in Brussels on the day that the Eurogroup takes stock of candidates for Lagarde’s succession at the ECB, also considering a package assessment of the other vacancies at the institution, the Portuguese minister pointed out that “in fact, if you win the Dutch candidate, you can have four seats [vagos] because there is a Dutchman on the board, who will have to leave”, referring in the latter case to Frank Elderson.

“ It is something we will analyze and hence also that the decision of our support is not yet formed ", said Joaquim Miranda Sarmento.

In the ‘run’ to the presidency of the ECB are the Spanish Pablo Hernández de Cos and the Dutch Klaas Knot, whose applications will be examined today by the Eurogroup meeting in Brussels, which will also take stock of the remaining vacancies on the Executive Board of the institution, without any decision being taken at this stage.

“ The applications were known Friday, we will now listen to the two candidates, we will make our reflection and then make a decision” on Portuguese support, said Joaquim Miranda Sarmento.

Recalling that the decision on the next President of the ECB should be taken at the Council meeting European December next, the ruler pointed out that “there is still more than a month away here.”.

Only after this process has been completed, predictably already in 2027, should the remaining vacancies be addressed in the ECB, Klaas Knot being appointed as one of the reference names, also taking into account the need to ensure geographical balances in the distribution of top positions in the European Union.

The Member States of the euro area had until Friday to submit applications for Christine Lagarde’s succession in the ECB’s presidency, which announced that they would leave office on 7 February 2027, anticipating the end of their mandate in about nine months.

Today's meeting will allow the ministers of the single currency to exchange information on applications and evaluate the progress of the process at a time when governments seek to reach a political understanding of the future of the central bank's leadership.

According to European sources, the succession of Lagarde may be negotiated together with two other vacancies on the Executive Board of the ECB: that of Isabel Schnabel, who will leave office in January 2027 to take office at the International Monetary Fund, and that of Chief Economist Philip Lane, whose term ends in May of next year.

The deadline for applications for Schnabel's seat expires on 27 November, while the timetable for Lane's replacement is not yet set, with the possibility of treating the three nominations as a package to facilitate political agreement between the Member States on the table.

The Executive Board of the ECB shall consist of the President, the Vice-President and four other members, all appointed by the European Council for a non-renewable term of office of eight years.

Based in Frankfurt, the ECB is responsible for the monetary policy of the euro area, with the main task of ensuring price stability.

[News updated at 1.19 p.m.]