The countdown to the change of leadership at the European Central Bank has begun, with eurozone countries submitting candidates this week.

Eurozone governments have been asked to submit nominations for a successor to European Central Bank President Christine Lagarde by Friday. According to a spokesperson for the Eurogroup, its president, Kyriakos Pierrakakis, has called on member states to submit proposals by November 6. The Eurogroup is made up of the finance ministers of the 21 eurozone countries. Eurozone finance ministers will assess the nominations at a meeting on November 9. Currently, candidates include Spain's Pablo Hernndez de Cos and the Netherlands' Klaas Knot. Lagarde said on Thursday that she will step down on February 7 next year, about nine months ahead of her original term, in order to regain the freedom to speak on issues beyond monetary policy. She has said in the past that she is interested in taking part in discussions during the French presidential election later next year.