Germany Considers Backing Nagel for ECB Presidency

Officials in Berlin are discussing whether to back Bundesbank President Joachim Nagel in a potential bid to replace Christine Lagarde as president of the European Central Bank if Lagarde leaves before her term ends in 2027.

Finance Minister Lars Klingbeil supports Nagel, while Chancellor Friedrich Merz has not offered public endorsement. Nagel was appointed Bundesbank president in 2022 by German President Frank-Walter Steinmeier.

Other names under consideration include Pablo Hernández de Cos, former governor of the Bank of Spain and now general manager of the Bank for International Settlements, and Klaas Knot. Several senior economists regard de Cos as a leading candidate; Nagel would need strong political backing to advance in the selection.

Nagel has criticized cryptocurrencies and opposed using bitcoin as a reserve asset. In a 2025 interview he compared unbanked crypto assets to historical bubbles: “Hype always dies down at some point. Crypto-assets such as Bitcoin are digital tulips.” He added that reserve assets “must be secure, liquid and transparent” and that “Bitcoin is none of these things.”

The ECB president is chosen by EU leaders and must secure support from member states. A German endorsement would shape the early stages of any selection if candidates are closely matched. Discussions over endorsements and timing remain ongoing in Berlin.