04.11.2026, 10:57 (UK time)
News
Christine Lagarde will step down as President of the European Central Bank (ECB) on 7 February 2027, almost nine months before the end of her term. The Council of the EU has started the procedure to choose her successor. Eurozone countries must submit candidates by Friday 6 November. The Eurogroup will discuss the nominations at its meeting on 9 November.
Analysis
A candidate needs the backing of at least 16 of the 21 eurozone countries, representing at least 65% of its population. The final decision will be taken by EU leaders after opinions from the European Parliament and the ECB Governing Council.
According to Euronews, the names mentioned most often are Pablo Hernández de Cos, General Manager of the Bank for International Settlements and former Governor of the Bank of Spain, and Klaas Knot, former head of the Dutch central bank. François Villeroy de Galhau and Joachim Nagel are also mentioned. Lagarde will chair two more rate-setting meetings – in December and February.
What it means
Poland is not in the eurozone and has its own central bank – the NBP. ECB decisions do, however, affect the euro exchange rate, interest rates in the eurozone and the cost of euro loans. For Poles in the UK this matters for transfers to family, purchases in euros and travel.
Risk
A change at the top of a central bank can briefly increase currency volatility. It is not yet known who will win or what policy they will pursue. We need to watch, wait and stay safe – without hasty moves.
What to do
- Sending money in euros? Compare rates with several providers and do not exchange everything at once.
- Have a euro loan? Check whether the interest rate is fixed or variable.
- Do not believe offers of “guaranteed profit” from exchange rate moves – a common scammers’ hook.
- Follow the outcome of the Eurogroup meeting on 9 November.
How to read this
For now, the candidates’ names are media reports and government statements, not decisions. We will know the official list after Friday. Until then, every forecast is only a guess.
Contact us
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Sources: Euronews, 3.11.2026
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