Merz to table German ECB proposal in week of 16 November as Franco-German deal nears

Talks in the final stretch

Germany and France are working toward an agreement that would divide the top posts of the European Central Bank, with Spain's Pablo Hernández de Cos seen as the favorite to succeed Christine Lagarde, who is leaving early. Friedrich Merz spoke to reporters in Dublin on Friday, 13 November 2026, on the sidelines of an informal summit of EU heads of state and government. He said agreements were close but not yet final and that talks needed a few more days.

“Agreements are in the offing, but we have not yet concluded them.”

Merz also said he intends to present the German proposal in the week of 16 November 2026, but that those talks are not concluded either. He added that he still has to coordinate the plan with the SPD, his coalition partner, over the weekend.

What is being negotiated

Three seats on the ECB Executive Board are open. Lagarde's seat is vacant early, Isabel Schnabel is leaving for the International Monetary Fund and is due to step down in early January, and the chief economist post held by Philip Lane expires in May. Handelsblatt reported on Thursday that the Chancellery wants the chief economist job, which LaVanguardia describes as the second most important post at the bank, and that it wants to fill it with Markus Brunnermeier of Princeton. LaVanguardia also cites Tobias Adrian, a former IMF official, as a name in circulation. Under the reported deal, France would take the seat that Schnabel vacates, with Le Monde naming former French European affairs minister Laurence Boone as its favorite for the post overseeing financial markets.

Candidates and rivalries

Spain has nominated Hernández de Cos, who heads the Bank for International Settlements according to Handelsblatt and previously led the Bank of Spain. The Netherlands has put forward Klaas Knot, a former head of the Dutch central bank whom LaVanguardia describes as a hawk on monetary policy. El Mundo reports that Lagarde and former ECB president Mario Draghi are backing De Cos informally. The same outlet says Alberto Núñez Feijóo has asked the governments of the European People's Party to support the Spanish candidate.

Berlin denies a closed deal

Le Point reported on Thursday that a deal had been closed, but officials in Berlin denied it, according to El Mundo. Merz's remarks in Dublin confirm that no final agreement has been reached. Sources cited by El Mundo say the Franco-German pact is taking shape in De Cos's favor, although nothing is settled. The outlet adds that the deal could close before December 2026, earlier than originally expected.

Deadline and next steps

EU leaders want to settle the succession no later than their summit in Brussels on 26 and 27 November 2026. The sequence depends first on the German nomination for the chief economist post, then on the wider package for the three vacancies. Merz's proposal, expected in the week of 16 November 2026, is the next formal step in that process.