Merz to meet ECB frontrunners de Cos and Knot as Lagarde succession race heats up

October 3, 2026 at 12:37 PM2 min

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German Chancellor Friedrich Merz is set to meet both frontrunners to succeed European Central Bank President Christine Lagarde, people familiar with the matter said. Spaniard Pablo Hernandez de Cos and Dutchman Klaas Knot will each convene with the German leader to discuss their candidacies for the top job. Knot’s meeting will take place in the coming days, while de Cos’ is expected in the next few weeks.

Key Facts

German Chancellor Friedrich Merz will meet ECB presidency candidates Pablo Hernandez de Cos and Klaas Knot separately, with Knot's meeting in the coming days and de Cos' in the next few weeks.
ECB President Christine Lagarde said this week she won't rule out exiting a few months before her term ends in October 2027.
German ECB policymaker Isabel Schnabel resigned, and her position will be free in early January.
Chief economist Philip Lane's term ends in May, and Greece's premier predicted a grand bargain to fill three impending vacancies at once.
Merz's meetings signal Berlin is no longer considering Bundesbank President Joachim Nagel for the top ECB job.

Succession Race

Merz's engagements with the contenders are the clearest evidence yet of behind-the-scenes movement in the race to lead the ECB. Lagarde's hint of a possible early exit and Schnabel's resignation have accelerated the selection process. The ECB has already asked governments to find a successor for Schnabel, with discussions possibly starting next week when eurozone finance ministers meet. Spain's Prime Minister Pedro Sanchez and his Dutch counterpart last week endorsed their own national candidates.

Political Dynamics

Germany's position is widely seen as crucial in any deal, while French President Emmanuel Macron is the other key player. France's head of state has yet to meet the two candidates, but Finance Minister Roland Lescure and Macron's EU adviser have done so in recent months. Possible elections in Spain before the end of the year after a parliamentary defeat for Sanchez might become a further reason to act soon. The flare-up of bond turmoil this week, if enduring, could provide another incentive to settle the matter quickly.

Candidate Profiles

De Cos is a former governor of the Bank of Spain and currently general manager at the Bank for International Settlements. Knot is a former Dutch central bank chief. For Germany, one alternative to the presidency would be Lane's position as chief economist, though Schnabel's markets portfolio also is an option.