Since Croatia joined the eurozone, the role of the Croatian National Bank (HNB) governor has changed significantly. The focus is no longer on independently shaping monetary policy, but rather on representing Croatia within the European Central Bank system, safeguarding financial stability and strengthening the country’s credibility within European financial institutions.
That is why the choice of Boris Vujčić’s successor, as he prepares to become Vice-President of the European Central Bank on 1 June, is more than a personnel decision. It will signal whether Croatia is opting for continuity, institutional stability and insider experience or opening the door to a new face and a different leadership style at the central bank.
Among the names most frequently mentioned in financial and political circles in recent weeks is Sandra Švaljek, the current Deputy Governor of the CNB. An economist with extensive experience, former director of the Institute of Economics Zagreb and former Deputy Mayor of Zagreb, she is widely seen as a candidate who combines institutional knowledge with international credibility. If appointed, she would become the first woman to lead the Croatian National Bank.
The race also includes the current vice governors of the CNB.
Michael Faulend is considered one of the key figures behind Croatia’s euro adoption process and spent years overseeing the bank’s international relations. His experience stands out at a time when coordination with Frankfurt matters more than ever.
Maroje Lang is known for his strong analytical and academic background. A long-time researcher and former Deputy Finance Minister, he represents a candidate profile focused on economic policy and financial analysis.
Bojan Fras has also been mentioned as a possible contender. Unlike the others, he comes from a legal background. While appointing a lawyer to lead a central bank would be unusual, European experience suggests such scenarios are no longer impossible, particularly in an era where regulation and institutional coordination carry increasing weight.
In recent days, another name has increasingly entered the conversation: Ante Žigman, President of the Board of Hanfa, Croatia’s financial services supervisory agency. His potential move from market regulator to the central bank would add a new layer of institutional intrigue to the selection process.
Unofficially, several other names from Croatia’s academic and financial community have also been mentioned, including Marijana Ivanov, a professor at the Faculty of Economics in Zagreb and an expert in monetary economics, banking and international finance.
Whoever is chosen, the next governor will inherit a very different role from the one Boris Vujčić once held. Croatia no longer conducts its own monetary policy from Zagreb, but instead participates in decision-making within the broader eurozone framework. That makes communication skills, international positioning and institutional influence just as important as traditional economic expertise.
In the coming period, Zagreb could receive an answer to one of the country’s key economic questions of the year, who will represent Croatia at the table of European monetary power.
