France is leaving open the prospect of backing Spaniard Pablo Hernández de Cos for the presidency of the ECB.
This move by Paris could solidify consensus around the Spanish economist, who enjoys the backing of his home government, potentially facilitating a broader agreement among European leaders encompassing two additional key vacancies on the ECB Executive Board set to open next year. Nominations for the ECB leadership will be discussed informally among leaders on Friday (13/11/2026) in Dublin, according to officials.
What remains for Germany
In an unexpected twist, Germany could subsequently secure the post of ECB Chief Economist, which falls vacant in May upon the expiration of Philip Lane's term. This specific role had previously been viewed as a top priority for France.
It would mark the first time since 2011 that a German holds the post, following Otmar Issing and Jürgen Stark, who shaped the monetary policy of the ECB during its formative years. The role is widely regarded as the second most influential position at the Frankfurt-based institution after the presidency.
The prospect of a Spaniard assuming the presidency of the ECB alongside a Frenchman as Chief Economist is considered unacceptable by Germany and other northern European states.
One of the names under consideration in Berlin is Markus Brunnermeier, among the world's leading financial economists. He currently teaches at Princeton University, having begun his economics studies at the University of Regensburg in 1991.
Another potential German contender for the Chief Economist post is Tobias Adrian, former director of the Monetary and Capital Markets Department at the International Monetary Fund.
France, for its part, has signaled that it could settle for the seat on the ECB Executive Board overseeing market operations.
That portfolio is currently held by Germany's Isabel Schnabel, who is set to join the IMF in January. Frenchman Benoît Cœuré previously held responsibility for that division during the presidency of Mario Draghi amid the Eurozone sovereign debt crisis.
The French contenders
People familiar with the deliberations noted that Laurence Boone, former Chief Economist of the OECD and currently head of corporate and investment banking in France for Santander, is viewed as the frontrunner for Paris for the market operations seat.
She also previously served as Minister for European Affairs under President Emmanuel Macron.
Another French candidate, Deputy Governor of the Bank of France Agnès Bénassy-Quéré, is considered better suited for the Chief Economist position, according to the same sources.
Two individuals briefed on the talks cautioned that no final agreement has yet been reached on the three nominations and that much will hinge on bilateral discussions between Paris and Berlin.
Klaas Knot's name still on the table\
The other official contender for the top post at the ECB, Dutchman Klaas Knot, could still ultimately clinch the nomination, the same sources indicated. Nor is the last-minute emergence of a third candidate for the presidency ruled out.
EU leaders are eager to lock in the complete package of three ECB appointments ahead of a series of pivotal elections next year, including the presidential race in France, where far-right leader Marine Le Pen currently leads polls as the frontrunner to succeed Macron.
Recent turmoil in the French bond market, triggered by social unrest, the country's inability to agree on a budget, and electoral uncertainty, with populist parties on both the far right and far left polling strongly, has heightened the sense of urgency.
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