FRANKFURT, Nov. 9 (Xinhua) -- Eurozone finance ministers discussed filling three upcoming vacancies on the European Central Bank's (ECB) Executive Board on Monday, including the presidency.
Eurogroup President Kyriakos Pierrakakis, who chaired the meeting, said two candidates had been nominated for the presidency: Klaas Knot, a former Dutch central bank chief, and Pablo Hernandez de Cos, head of the Bank for International Settlements and former governor of the Bank of Spain.
ECB President Christine Lagarde announced on Oct. 29 that she would step down in February next year, nine months before the end of her eight-year term.
Pierrakakis said two other Executive Board seats will also become vacant. Isabel Schnabel, a German economist who oversees market operations, will leave the ECB to join the International Monetary Fund, while Chief Economist Philip Lane's term will end in May 2027.
"It is possible that all three appointments will be considered together at the level of European leaders in order to facilitate consensus," Pierrakakis said, expecting the EU to finish the election by the end of the year.
The ECB chief economist oversees the economics and monetary policy departments and plays a central role in preparing policy proposals for debate by the Governing Council.
Former ECB chief economist Peter Praet told Politico Europe that Schnabel's post may be as important as, or even more important than, the chief economist's amid heightened uncertainties.
Under EU rules, the European Council is responsible for appointing members of the ECB's Executive Board by reinforced qualified majority, acting on the recommendation of the Council of the European Union, after consulting the European Parliament and the ECB Governing Council.
The ECB leadership transition came as the euro area faces renewed inflationary pressure. Eurozone annual inflation was estimated at 4 percent in October, up from 3.8 percent in September, driven mainly by rising energy prices, according to a Eurostat flash estimate.
