Spain has entered the race to replace Christine Lagarde as president of the European Central Bank, becoming the first country to publicly announce its candidacy for the position, amid growing speculation that Lagarde could step down before her term ends in October 2027.
“Madrid will strive to secure an influential leadership role within the European Central Bank and demonstrate its readiness to present the strongest and most qualified candidates once the selection process is accelerated,” Spain’s Economy Ministry said in a statement today.
Scheduled departure
This comes after the Financial Times reported that the central bank chief was set to step down from his post to allow French President Emmanuel Macron and German Chancellor Friedrich Merz to choose a successor before France’s presidential elections in April 2026.
People familiar with the matter told the newspaper that Lagarde’s resignation could take place this summer, while government officials within the European Union said competition for the post was strong despite assurances from the central bank that Lagarde was fully committed to her job and had not made any decisions regarding the end of her term. This formula was considered by investors to be less conclusive than the previous denial issued last year.
Spain is in the race to succeed Christine Lagarde as head of the European Central Bank, becoming the first country to make clear it intends to seek the position amid mounting speculation that she could step down before her term ends in October 2027.
Spain’s Economy Ministry said in a statement today: “Madrid is committed to ensuring that it plays an important leadership role within the European Central Bank and has shown its readiness to present the strongest and most qualified candidates once the selection process is expedited.”
planning your departure
This comes after the Financial Times reported that the central bank chief was set to step down to allow French President Emmanuel Macron and German Chancellor Friedrich Merz to choose a successor before the French presidential election in April 2026.
People familiar with the matter told the newspaper that while Lagarde’s resignation could take place this summer, government officials within the European Union said competition for the post was strong despite confirmation from the central bank that Lagarde was fully focused on her job and had not made any decisions about the end of her term. This statement was considered by investors to be less conclusive than an earlier denial issued last year.
