The European Central Bank said its chief Christine Lagarde hasn’t made a decision on stepping down before her term ends, but the contest to replace her has already kicked off.
The Financial Times reported Lagarde is expected to quit early so French President Emmanuel Macron would have a say in her successor before France’s elections next year, which could see populist factions surge to power.
While economists downplayed the far right’s potential sway over the appointment, they warned a politically engineered succession could undermine the bank’s reputation.
Spain on Wednesday publicly staked its claim to the powerful post, with its former central bank chief seen as a top contender.
“The race is on,” an EU official said.