Germany is discussing whether to back Bundesbank President Joachim Nagel for the European Central Bank presidency if Christine Lagarde leaves before the end of her term in 2027, adding detail to early succession planning around the euro zone's top central bank. Nagel, who took office at the Bundesbank in 2022 under German President Frank-Walter Steinmeier, would reportedly have support from Finance Minister Lars Klingbeil, while Conservative Chancellor Friedrich Merz has not publicly endorsed him. Most economists still view Pablo Hernández de Cos, former Governor of the Bank of Spain and current General Manager of the Bank for International Settlements, as the likelier choice, with Klaas Knot also cited as a major candidate. The race has drawn attention in crypto markets because Nagel has repeatedly criticized digital assets and opposed using bitcoin as a reserve asset, while Hernández de Cos has warned that broad stablecoin adoption could pose macroeconomic risks. If Nagel were to win, he would likely continue Lagarde's skeptical approach toward private money, including stablecoins and other cryptocurrencies.