The Netherlands wants Klaas Knot to lead the ECB, with Spain's Hernández de Cos seen as his main rival
The race to succeed Christine Lagarde, who leaves in February, is getting under way: euro countries must submit their candidates by Friday.
The Dutch government on Wednesday nominated Klaas Knot as a candidate to succeed Christine Lagarde as president of the European Central Bank (ECB). Finance Minister Eelco Heinen (VVD) informed the lower house of parliament, Financieel Management reports. Knot, 59, headed De Nederlandsche Bank from 2011 until mid-2025. Lagarde announced last week that she will leave in February, eight months before the end of her term, writes Irish broadcaster RTÉ. According to Business AM, her departure is set for 7 February 2027 and she is expected to take the helm of the World Economic Forum.
Euro countries have until Friday 6 November to put forward candidates, after which euro area finance ministers will discuss them on Monday 9 November, RTÉ reports. No choice will be made at that point, writes Financieel Management, and heads of government will also weigh in on the post. A final decision is expected by mid-December. A candidate needs the backing of at least 16 of the 21 euro countries, together representing at least 65 percent of the euro area population, according to Business AM.
Knot and former Spanish central bank governor Pablo Hernández de Cos are seen as the two front-runners, according to RTÉ. German Chancellor Friedrich Merz recently met Knot, which Financieel Management calls the clearest sign of movement behind the scenes. If chosen, Knot would be the second Dutchman to lead the ECB after Wim Duisenberg, who headed the bank from 1998 to 2003 and played a key role in introducing the euro, Business AM recalls.