France may back De Cos for ECB presidency, reports say

France may support Pablo Hernández de Cos to succeed Christine Lagarde as president of the European Central Bank, according to reports cited by the French newspaper Le Monde and the Financial Times. The suggestion comes as eurozone countries prepare to decide on three senior ECB appointments by the end of the year.

The reports, which Nieuws.nl attributes to sources, indicate that former Bank of Spain governor De Cos could be a candidate for the presidency. Klaas Knot, the former head of the Dutch central bank, is also in the running. De Cos is now head of the Bank for International Settlements.

Lagarde has said she will leave the ECB presidency in February 2027, before her term ends. The early departure brings forward the succession process. Christine Lagarde’s departure date was announced by the ECB.

The other posts due to change next year are held by German ECB Executive Board member Isabel Schnabel and chief economist Philip Lane. Nieuws.nl, citing Le Monde, says that under a possible arrangement linked to De Cos becoming president, Germany would choose the next chief economist and France would take over Schnabel’s markets portfolio. The report does not establish that such a deal has been agreed.