Germany denied a report in the French “Le Point” magazine. According to the report, German Chancellor Friedrich Mertz and French President Emmanuel Macron have agreed that Pablo Hernandez de Cos will succeed Christine Lagarde as ECB president next year. A German government spokesperson said that the French magazine's report was untrue. Lagarde said last month that she will end her term as governor early and leave office in February next year so that she can speak out publicly on political affairs. Klaas Knot from the Netherlands is competing with Spain's De Cos for the position, and both have served as governors of their respective countries' central banks. “Le Point” also quoted a diplomatic source as saying that other countries will follow the arrangements reached between France and Germany.

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