Panayiotis Rougalas
A Cypriot and a Frenchman are going head-to-head for one of Europe’s most powerful banking jobs: the presidency of the European Banking Authority (EBA).
At the center of the contest is Constantinos Herodotou, former governor of the Central Bank of Cyprus and current chairman of the board of CrediaBank in Greece. Standing opposite him is François-Louis Michaud, a senior insider at the EBA who currently serves as its executive director.
The race is to fill the post left vacant by outgoing EBA President José Manuel Campa. The selection process has been underway since October 2025, with an official decision expected as early as January 2026.
Getting to this final stage was no small feat. What began as a crowded field of applicants was gradually whittled down over three demanding months, first to 10 candidates, then six, and finally just two: Herodotou and Michaud. Both have already faced multiple assessments and interviews, including a grilling before the European Parliament’s Committee on Economic and Monetary Affairs (ECON). On Friday, January 16, all 27 EU member states also cast their votes through their finance ministries, signaling which candidate they support for the job.
Whatever the final outcome, the fact that a Cypriot has made it this far for such a senior European post is significant in itself. At this level, politics inevitably come into play, and it’s no secret that a small country like Cyprus enters the arena at a disadvantage when competing with a heavyweight like France. Still, if Herodotou ultimately secures the presidency, it could give a meaningful boost to Cyprus’ banking sector and its standing within Europe’s financial architecture.
On the flip side, a win for Michaud would further strengthen France’s already dominant role in European banking governance. France currently holds the presidency of the European Central Bank (ECB) and also leads the Single Resolution Board (SRB). Adding the EBA to that list would cement French influence across the EU’s key financial institutions.
The final appointment of the EBA president will be made by the European Parliament, and when it comes, it will say a lot not just about banking expertise but also about balance, power, and politics within the European Union.
*Greek version here.
