Constantinos Herodotou has made it onto the final short list of candidates for the presidency of the European Banking Authority (EBA), becoming the first Cypriot to reach the last stage of the selection process for one of the EU’s key financial watchdogs.

Herodotou, the former governor of the Central Bank of Cyprus (CBC) and current chairman of the board of Greek CrediaBank, is one of two candidates still in the race after progressing through four rounds of selection, as mentioned in Politis.

The EBA, which is headquartered in Paris, is an independent EU authority responsible for banking regulation across the bloc and is best known for conducting Europe-wide stress tests.

The selection process began in November, following the resignation of Spaniard Jose Manuel Campa in September, and has now entered its final phase with the involvement of EU political institutions.

The appointment of the new EBA president will be formally ratified by the European Parliament.

Although Herodotou entered the process as an outsider, coming from a smaller EU member state, his presence in the final duo is already being seen as a milestone for Cyprus.

Regardless of the final outcome, he is the first Cypriot candidate to come this close to securing a top leadership role within a European supervisory authority.

The other candidate still in contention is Francois-Louis Michaud, a French national who currently serves as executive director of the EBA.

However, the outcome remains open, with Herodotou’s experience spanning both central banking and the private sector, alongside his previous role as a member of the ECB’s governing bodies, weighing in his favour.

His professional standing and reputation within European institutions are also considered an important asset.

According to information available, Herodotou advanced through three competitive elimination rounds, with ten candidates moving past the first stage, six remaining after the second, and only two reaching the final round.

The last stage of the process is taking place in Brussels. On Tuesday, candidates appeared before the European Parliament’s Committee on Economic and Monetary Affairs (ECON), where hearings were held with the leaders of political groups.

A separate hearing with representatives of EU finance ministries is scheduled for Wednesday.

Established in 2011, the EBA plays a central role in safeguarding the stability and proper functioning of the EU’s banking system. Its mandate includes the development of a single regulatory framework for banks across member states, ensuring consistent supervisory standards and transparency rules throughout the bloc.

The authority issues technical standards and guidelines covering capital requirements, liquidity, risk management and non-performing loans, while also coordinating EU-wide stress tests to assess banks’ resilience during periods of financial stress.

At the same time, it works to harmonise supervisory practices among national authorities and strengthen consumer protection.