(Nov 3): Euro-area governments have been asked to submit nominations for successors to European Central Bank President Christine Lagarde by Friday.

Eurogroup President Kyriakos Pierrakakis has called on member states to send proposals by Nov 6, according to a spokesperson of the group that comprises finance ministers from the 21-nation euro zone. Ministers will take stock of the nominations at a meeting on Nov 9.

So far, candidates include Pablo Hernandez de Cos, a former governor of Spain’s central bank who currently leads the Bank for International Settlements, and former Dutch central bank chief Klaas Knot.

Lagarde said Thursday that she will step down on Feb 7, about nine months early, to be able to speak out on topics beyond monetary policy. In the past, she has expressed an interest in contributing to discussions around next year’s French presidential election.

Finding a successor is part of a larger reshuffle encompassing three of the ECB Executive Board’s six seats. Isabel Schnabel, who oversees markets, and Chief Economist Philip Lane are both nearing the end of their tenures and the process to replace them has also begun.

For Schnabel, who is set to leave in early January, about a year before her eight-year term finishes, the Eurogroup extended a deadline for applications to Nov 27. Lane’s mandate expires in May.

European leaders will convene on Nov 26-27 in Brussels and are expected to make progress on the appointments, including Lagarde’s replacement. They will meet for an informal session two weeks before that.

De Cos and Knot have been travelling around the region in recent months to convince governments they are the right person for the job. In the end, though, it will likely come down to support from German Chancellor Friedrich Merz, who has met with both of them, and French President Emmanuel Macron.

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