Knot and Hernández de Cos candidates for ECB presidency
The Netherlands and Spain have officially put forward their candidates to succeed Christine Lagarde.
Listen to this article
There is no audio version yet. Request one and an AI voice will read the article aloud.
Read by an AI voice.
Dutchman Klaas Knot and Spaniard Pablo Hernández de Cos have been nominated for the presidency of the European Central Bank. Spain nominated De Cos on Friday, after the Netherlands had earlier put forward Knot as its candidate.
Spain’s deputy prime minister and Minister for Economic Affairs Carlos Cuerpo nominated De Cos by letter to the president of the Eurogroup. De Cos is director-general of the Bank for International Settlements and was governor of the Spanish central bank from 2018 to 2024.
The Netherlands announced on Wednesday that it was putting forward former DNB president Klaas Knot. Knot led De Nederlandsche Bank from 2011 to 2025 and, like De Cos, is regarded as one of the leading candidates to succeed Christine Lagarde.
The nominations conclude the first stage of the procedure. Eurozone countries could submit candidates until Friday; the Eurogroup will discuss the state of play on Monday. According to a European official, EU leaders are aiming to decide at their summit on 17 and 18 December.
The new ECB president will influence monetary policy for the 21 countries that use the euro. The president leads the ECB’s Governing Council, which decides on interest rates, among other things. This affects the financing costs of households, businesses and governments, although the new president does not determine policy alone.
The appointment is made by the European Council in its composition of euro-area countries. There is therefore no winner yet, nor any public voting result. The choice may also become part of broader agreements on other vacant positions in the central bank’s executive board, including the succession of chief economist Philip Lane and Executive Board member Isabel Schnabel.
For the Netherlands, the candidacy matters because Knot could preserve a Dutch voice at the heart of euro policy. For Spain, representation of the country at the top of the ECB is also at stake. The outcome depends on political support among the euro-area countries and on what combination of experience, regional balance and monetary views they consider desirable.
Also show where in Europe and in the world
Both sides of the figures
▲ Bright spots
- The procedure has produced two clearly identified candidates, allowing the succession to Lagarde to be prepared institutionally.
- A predictable appointment could limit uncertainty about the future direction of euro policy, although the effect has not been quantified.
▼ Concerns
- The ECB president influences the interest-rate environment for households, businesses and governments, but the final course is determined by the entire Governing Council.
- The sources do not yet clarify the balance of support or the eventual candidate.
Critical note
This report concerns an appointment procedure, not a new interest-rate decision or a change in economic growth. The candidacies alone do not indicate how interest rates and financing costs will develop.
Who notices what
- Households
- The future ECB course could affect mortgage and borrowing rates, but a candidacy is not in itself an interest-rate decision.
- Businesses
- The succession contest could eventually affect financing costs and investment decisions.
- Investors
- Markets may respond to expectations about the candidates’ monetary preferences, but the appointment has not yet been finalised.
- Government
- Interest rates on government debt are partly linked to ECB policy, but any effect of these candidacies is not yet known.
Every point comes from the article’s sources and was included in the fact check.
One story, several perspectives
What is established
- Klaas Knot and Pablo Hernández de Cos are the two named candidates to succeed Christine Lagarde.
- The appointment is made by the European Council in its composition of euro-area countries.
- The ECB, together with its Governing Council, determines monetary policy for the euro area.
Left
Arguments Typically stresses that interest-rate and monetary policy should take account not only of price stability, but also of employment, investment and financial stability.
Values Social protection, broad prosperity and democratic accountability for technocratic institutions.
Consequences Fears that excessively strict anti-inflation policy would disproportionately affect low-income households and highly indebted countries.
Centre
Arguments Stresses continuity, the ECB’s independence and a candidate with demonstrable experience in central banking and crisis management.
Values Institutional stability, predictability and European cooperation.
Consequences Wants to prevent the appointment from being seen as a party-political power struggle and expects a compromise among countries.
Right
Arguments Typically stresses price stability, fiscal discipline and restraint regarding the ECB’s broader political role.
Values Monetary orthodoxy, responsibility for savings and limiting state influence.
Consequences Fears that an overly broad ECB mandate would allow inflation to persist for longer or give governments less incentive to put their finances in order.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The core facts about the two candidates, the procedure and the planned decision-making are supported by Reuters and European institutions. The text makes clear that the appointment has not yet been decided.
- confirmed Spain has nominated Pablo Hernández de Cos as a candidate for the ECB presidency. — Confirmed by Reuters via Business Recorder. source
- confirmed The Netherlands has nominated Klaas Knot. — Confirmed by Reuters and reporting on the Dutch candidacy. source
- confirmed The ECB president leads the Governing Council for the 21 euro-area countries. — The ECB’s role and the number of euro-area countries are described in AP’s background and the EU procedure sources. source
- confirmed EU leaders are aiming to decide on 17 and 18 December. — Reuters reports this timetable. source
Editor's note
The nominations have been confirmed; the appointment itself is still pending. The sources provide no definitive indication of the balance of support among the euro-area countries.Sources
- Spain nominates former central bank head De Cos for ECB presidency — Reuters, via Business Recorder
- EU leaders aim to appoint new ECB chief in December — Reuters, via Euronext
- The role of the European Council in nominations and appointments — Europese Raad
- Statement on the forthcoming departure of Christine Lagarde — Europese Raad