The two main candidates who seem likely to succeed French-born Danièle Nouy as the next chair of the Single Supervisory Mechanism (SSM) include Ireland’s Sharon Donnery and Andrea Enria of Italy.

Their nomination was confirmed by the European Parliament’s Economic and Monetary Committee on October 24, with the final say being in the hands of the European Central Bank’s governing council scheduled for the end of the year.

Donnery is the deputy governor of the Irish Central Bank, while Enria serves as the chair of the European Banking Authority.

This is the first role contested in a broader changing-of-the-guard at the European Central Bank, which also includes the nomination of a successor for the current president, Mario Draghi.

A number of candidates could potentially fill the post, including France’s market regulator, Robert Ophèle, and his Italian counterpart, Ignazio Angeloni.

The Single Supervisory Mechanism is the legislative and institutional framework that grants the European Central Bank sole licensing authority over all banks in participating the EU member states, making it the prudential supervisor of the banks.