Portugal has until Wednesday to present candidates to the ECB

Oby Wednesday, the euro area countries may submit applications to fill two vacancies in the Executive Committee of the European Central Bank (ECB), in addition to the presidency of the institution, Portugal being able to propose candidates.

The new deadline, set for 18 November at the end of the day, was announced today by a European source after the President of the European Council, António Costa, informed the leaders of the European Union (EU) of the progress of the nomination process at the high-level meeting held behind closed doors in Dublin, Ireland.

“ This timetable will allow the Council to have a basis for making its recommendation to the European Council in good time, before the November meeting of the European Council,” the same source added on 26 November.

This is the role of two members of the executive committee of the institution, currently occupied by Isabel Schnabel, responsible for financial markets, and Philip Lane, the ECB’s chief economist, whose mandates end in January and May 2027 respectively.

In addition to these, the future president of the ECB, currently occupied by Christine Lagarde, will be decided, who announced that he will resign on February 7, 2027, anticipating the departure from the mandate.

In the ‘race’ to the presidency of the ECB are the Spanish Pablo Hernández de Cos and the Dutch Klaas Knot.

After not submitting a candidate for the ECB’s presidency, Portugal admitted the possibility of submitting candidates to one of the vacant posts.

Finance Minister Joaquim Miranda Sarmento said on Monday in Brussels that the government “will not stop” proposing a Portuguese if it considers that there is such an opportunity.

“We will look together and, if there is an opportunity to propose a Portuguese to one of these places, we will not fail to do so,” the governor said to Portuguese journalists in Brussels on the margins of the Eurogroup meeting.

According to European sources, the idea will be to negotiate jointly the renewal of three of the six members of the ECB Executive Committee, including the Presidency.

The new deadline was set in the process of appointing the next President of the ECB and filling two other vacant posts, with the President of the European Council, António Costa, informing EU leaders of the situation at the meeting today, according to the same Community source.

The timetable provides for António Costa to launch the consultation procedure with the European Parliament and the Governing Council at the meeting of the European Council at the end of the month in accordance with the procedures laid down.

The Executive Committee of the ECB shall consist of six members – President, Vice-President and four vowels – appointed for a non-renewable period of eight years.

The nomination procedure provides for euro area countries to submit candidates, for the Eurogroup to discuss proposals and for the EU Council to make a recommendation to the European Council.

The latter shall take the final decision after consulting the European Parliament and the Governing Council.

The appointment requires an enhanced qualified majority of the single currency countries, corresponding to at least 16 of the 21 Member States, representing at least 65% of the euro area population, in accordance with the rules of the EU Council.