Spain, Netherlands Name Rival Candidates to Lead ECB
(MENAFN) Spain and the Netherlands have each put forward a candidate to succeed Christine Lagarde as president of the European Central Bank (ECB), setting up a two-way race for one of Europe’s most powerful economic posts.
The Eurogroup said Friday that two formal candidacies were filed before the deadline. The contenders are former Bank of Spain Governor Pablo Hernandez de Cos and Dutch central bank chief Klaas Knot.
Lagarde told the European Council on Oct. 29 that she will leave the ECB by Feb. 7, 2027.
Euro area finance ministers will review the two candidacies at the next Eurogroup meeting on Nov. 9.
The European Council will make the appointment on a recommendation from the Council of the European Union, using a reinforced qualified majority. That threshold requires backing from at least 72% of euro area member states representing at least 65% of the eurozone’s population.
The ECB and the European Parliament must both be formally consulted before EU leaders finalize the choice, the Eurogroup said.
The Eurogroup said Friday that two formal candidacies were filed before the deadline. The contenders are former Bank of Spain Governor Pablo Hernandez de Cos and Dutch central bank chief Klaas Knot.
Lagarde told the European Council on Oct. 29 that she will leave the ECB by Feb. 7, 2027.
Euro area finance ministers will review the two candidacies at the next Eurogroup meeting on Nov. 9.
The European Council will make the appointment on a recommendation from the Council of the European Union, using a reinforced qualified majority. That threshold requires backing from at least 72% of euro area member states representing at least 65% of the eurozone’s population.
The ECB and the European Parliament must both be formally consulted before EU leaders finalize the choice, the Eurogroup said.
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