Spain and the Netherlands have each put forward a candidate to succeed Christine Lagarde as president of the European Central Bank. Lagarde steps down on Feb. 7. Pablo Hernández de Cos, a former governor of Spain's central bank, and Klaas Knot, a former president of the Dutch central bank, were the only candidates to submit by the 5 p.m. deadline on Friday, according to POLITICO Europe.
The candidacies are part of a wider negotiation among France, Germany, Spain and the Netherlands over seats on the ECB's six-member executive board. The report describes the process as a "game of musical chairs."
Germany wants to keep the seat that economist Isabel Schnabel will vacate on Jan. 3, when she leaves for a job at the International Monetary Fund. France is targeting the chief economist role once Irish incumbent Philip Lane finishes his eight-year term on May 31.
Eurozone finance ministers will discuss the ECB changes at a Eurogroup meeting in Brussels on Monday. Neither candidate is scheduled to attend. The report says national ministers will promote their respective candidates. Diplomats expect EU leaders to engage in horse trading at an informal summit in Dublin at the end of next week. The deadline for candidates to replace Schnabel is Nov. 27.