French media say France and Germany have agreed that de Cos should serve as ECB president; Germany denies the report.

Germany has denied a report in French magazine Le Point that German Chancellor Friedrich Merz and French President Emmanuel Macron had agreed that Pablo Hernandez de Cos should succeed Christine Lagarde as European Central Bank president next year. A German government spokesperson said the French magazine's report was untrue. Lagarde said last month she would cut short her term as governor and step down in February next year so she could speak out publicly on political matters. Klaas Knot of the Netherlands is competing with Spain's de Cos for the role, with both having served as central bank governors in their respective countries. Le Point also cited a diplomatic source as saying other countries would follow an arrangement reached between France and Germany.