The European Union is aiming to appoint a successor to European Central Bank (ECB) President Christine Lagarde before the end of 2026, according to a statement from the Eurogroup on Monday. The decision will be made by EU leaders following a recommendation from the Eurogroup’s finance ministers, who are scheduled to hold their first formal meeting on the issue in February. Lagarde, who announced her intention to step down in February, is currently being considered by two candidates: former Dutch central bank governor Klaus Nöth and Spanish International Bank of Settlement (BIS) chief Pablo Hernández de Cos, who has been nominated by Spain. Eurogroup President Kyriakos Pappas said the goal is to complete the entire process before the year’s end, noting that the final appointment will rest with EU leaders. In addition to Lagarde’s succession, the ECB’s executive board will also need new members for the roles of Executive Board member Isabel Schnebel and chief economist Philip Lynn. The Eurogroup expects that negotiations for all three positions could be bundled into a single agreement, which Pappas said would “facilitate the process,” though he emphasized that the ultimate decision lies with EU leaders. Spanish Economy Minister Carlos Cuevas described Hernández de Cos as “the right person for the job,” citing his decades of experience and deep knowledge of the ECB’s operations, as well as his leadership of both the Bank of Spain and the BIS. Dutch Finance Minister Elko Heinen called Nöth an “excellent candidate,” highlighting his clear understanding of the ECB’s mandate and extensive experience. Irish Finance Minister Simon Harris, whose country is currently chairing the EU, said he hopes a successor will be chosen by December, stressing the importance of selecting the “right person” and describing the appointment as “of great importance.” France has called for a French candidate to fill the chief economist position. Bank of France Governor Emmanuel Macron said on Tuesday that it would be appropriate for a French national to hold the post, noting that France has not yet had a French chief economist at the ECB and that several qualified French candidates, including women, are available. He also projected that France’s economy would grow by about 0.3 % this year. The ECB’s leadership changes are part of a broader effort by Eurozone governments to secure continuity in monetary policy as the institution faces ongoing economic challenges. The final appointments will be announced by EU leaders once the Eurogroup’s finance ministers have reached a consensus.