European Central Bank President Mario Draghi arrives to participate in the morning discussion session during the last day of the 2019 ECB Forum on Central Banking.

Investors in Europe are likely to receive more clues this week on who will replace Mario Draghi, just days after the European Central Bank (ECB) president signaled that more accommodative policy could be on the way.

Amid a slowdown in the euro zone economy, Draghi's dovish tone and prospects for further monetary stimulus, there are questions about the path the next president might take. However, the decision on who will be the next ECB chief is tightly linked with a few other important calls in Europe.

European leaders gathering in Brussels Thursday will have their second round of talks on who should lead the European Commission — the EU's executive arm. Once that's achieved, the route for choosing the next Draghi will be opened.

"We are still waiting for the Commission (decision)," a European official with knowledge of the discussions, who did not want to be named due to their sensitivity, told CNBC Wednesday over the phone.

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The 28 EU heads of state are at an impasse over the Commission presidency. However, European Council President Donald Tusk, who chairs the European summits in Brussels, said Wednesday that despite different viewpoints, there's "a common will to finalize this process soon."

Chancellor Angela Merkel of Germany said this should happen before July 2.

EU leaders must also agree on a new foreign policy chief, a new president of the European Parliament and president of the European Council. With all these decisions, due to happen before October at the latest, they will seek a balance between nationality, gender and political affiliation.