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Bloomberg: Scenarios for Accelerating Lagarde Succession at ECB, Villeroy in the Forefront

Published February 16, 2026, 12:20
Bloomberg: Scenarios for Accelerating Lagarde Succession at ECB, Villeroy in the Forefront

New scenarios are circulating regarding the selection of a successor to Christine Lagarde as President of the European Central Bank (ECB). According to a Bloomberg report, European governments may expedite the process to avoid making critical decisions after the French elections of 2027, especially in the event of a far-right victory, which has different views on the independence of the ECB. Lagarde's term expires in October 2026, but the recent early departure of the Governor of the Bank of France, François Villeroy de Galhau, has changed the political landscape. The selection of Villeroy's successor will now be made by Emmanuel Macron, making the process easier compared to a potential government of Marine Le Pen. The concern for the independence of central banks is reinforced by the interventions of political leaders, such as Donald Trump in the US. This is pushing European leaders to act proactively, as there is no established timetable for the appointment of an ECB president. At the same time, there is discussion of the possibility of making decisions on more than one position on the ECB's Executive Board simultaneously, as in addition to the presidency, other positions will also become vacant in 2027. Among the potential successors to Lagarde are the President of the Bundesbank, Joachim Nagel, and the Dutch central banker Klaas Knot.

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