US EditionECB Succession Talk Puts Knot and De Cos in Frame for Top Job
Lagarde aims to exit before 2027 French election allowing Macron and Merz to influence ECB succession; frontrunners Knot and Hern�ndez de Cos emerge amid political and market reactions.
- Amid France's 2027 election, the FT reported Christine Lagarde plans to leave the ECB early, enabling Macron and Merz to influence her succession; ECB denies.
- Last week, the Financial Times reported that France's President Macron is 'bulletproofing' key posts ahead of the 2027 election, following Villeroy de Galhau's surprise resignation.
- Klaas Knot, former Dutch central bank governor, and Pablo Hernández de Cos, former Bank of Spain governor and BIS appointee, are seen as front-runners; Knot has shifted from hawk to consensus‑builder and de Cos recently joined the BIS.
- Markets priced just over 10 basis points of easing while the ECB denied the report, stating Lagarde remains 'totally focused on her mission,' and Rabobank said an early exit could protect the euro.
- Three Executive Board vacancies next year raise the prospect of a linked package as economists say an early Lagarde exit boosts chances leaders negotiate filling seats of Philip Lane and Isabel Schnabel.
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20 Articles
Newsletter: Some countries furious over EU's dance with Board of Peace
Also in this newsletter: Political jostling for the European Central Bank presidency begins amid rumours of Lagarde’s early departure; and an exclusive story on the new procedure agreed to select the host of the European Customs Authority.
Europe Intelligence Brief for Wednesday, February 18, 2026
Covering Feb 18 What matters today 1 Lagarde to exit ECB early — FT reports she will step down before France’s April 2027 election, allowing Macron and Merz to shape her succession; ECB denies; Klaas Knot and Pablo Hernández de Cos emerge as frontrunners; Rabobank says move protects euro from National Rally risk 2 STOXX […]
ECB succession talk puts Knot and De Cos in frame for job
The former governors of the Spanish and Dutch central banks are seen as the front-runners to replace Christine Lagarde at the helm of the European Central Bank, likely in a broader political deal that could see both of them end up with a major job.
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- 45% of the sources lean Right
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