Spain and Netherlands nominate candidates to succeed Lagarde as ECB president

Spain and the Netherlands have submitted candidates to succeed Christine Lagarde as president of the European Central Bank, who steps down on Feb. 7, 2027.

The candidates

Pablo Hernández de Cos, a former governor of Spain's central bank, and Klaas Knot, a former president of the Dutch central bank, were the only candidates to emerge after the 5 p.m. deadline on Friday, according to POLITICO.

Spain officially nominated De Cos on November 6, with Spanish Economy Minister Carlos Cuerpo sending a letter to Eurogroup President Kyriakos Pierrakakis, as reported by Fakti.bg citing Reuters. De Cos headed the Bank of Spain between 2018 and 2024 and has served as general manager of the Bank for International Settlements in Basel since July 2025.

Knot headed the Dutch central bank from 2011 to 2025.

Broader negotiations

The candidacies are part of a larger negotiation involving France and Germany over how Europe's four economic powerhouses will secure their seats on the ECB's executive board. Berlin is determined to hold onto the seat that German economist Isabel Schnabel will vacate on Jan. 3, when she leaves the ECB for a job at the International Monetary Fund. Paris is targeting the ECB's chief economist role once the Irish incumbent Philip Lane concludes his eight-year term on May 31.

Eurozone finance ministers will take stock of the ECB shuffling at Monday's Eurogroup meeting in Brussels. Neither Hernández de Cos nor Knot are scheduled to attend the closed-door meeting, but their national ministers will talk up their respective compatriots.

Diplomats expect EU leaders to engage in horse trading at an informal summit in Dublin at the end of next week. The deadline for candidates to replace Schnabel is on Nov. 27.

Why it matters

The ECB is responsible for setting interest rates to keep prices stable at 2% over the medium-term. The six-person executive board oversees the central bank's day-to-day activities and an army of economists who scrutinize financial markets and the economy at large. The choice between De Cos and Knot will matter for European monetary policy and for the conditions for business lending, investment activity and the costs of servicing government and corporate debt.

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Sources

• politico.eu: Spain and the Netherlands battle over ECB presidency – POLITICO
• fakti.bg: Spain and the Netherlands in the race for the ECB leadership ᐉ News from Fakti.bg - Business | ФАКТИ.БГ
• anews.com.tr: Spain, Netherlands nominate candidates to succeed Lagarde as ECB chief
• mezha.net: Spain and Netherlands put forward candidates to succeed ECB president Lagarde
• ua.news: Spain and Netherlands nominate candidates for ECB president | UA.NEWS

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