Ongoing divisions within the Peace Implementation Council have blocked agreement on a permanent successor to Christian Schmidt, who resigned in May 2026. The United States and European members remain split over candidates including Antonio Zanardi Landi and René Troccaz, with no consensus reached at July meetings despite consideration of alternatives such as Peter Sørensen. Louis J. Crishock serves as acting High Representative following his July 1 appointment, while US statements have signaled possible reconsideration of Washington’s role in the Office of the High Representative. These unresolved tensions over the post-Dayton framework and the timing of any appointment explain why traders assign the highest probability to no new High Representative taking office in 2026.