Disagreements within the Peace Implementation Council over a successor to Christian Schmidt, who resigned in May 2026, have produced the market's strong consensus on no High Representative serving through the end of the year. The United States has backed Italian diplomat Antonio Zanardi Landi while several EU members favor French envoy René Troccaz, with other names such as Peter Sørensen floated but not advanced. No agreement emerged from July meetings, leaving Louis J. Crishock as acting High Representative. This stalemate, tied to broader questions about the Office of the High Representative's future role under the Dayton framework, has kept probabilities on named candidates low while elevating the chance that the position remains vacant.