Brussels (Belgium) (AFP) – The succession of Christine Lagarde in Frankfurt will be played out between the Dutchman Klaas Knot and the Spaniard Pablo Hernandez de Cos, the two candidates officially in the running to replace the president of the European Central Bank (ECB), who announced at the end of October her early departure from the monetary institution.

Published on: 06/11/2026 - 18:20

The candidacies of the two men, former respective heads of the National Bank of the Netherlands and the Bank of Spain, were confirmed by the president of the Eurogroup, Kyriakos Pierrakakis.

The 21 euro zone member countries had until Friday to submit their applications, which will be examined by euro zone finance ministers on Monday in Brussels.

They will be responsible for recommending a name to their heads of state and government, who will make the final decision, after consulting the European Parliament and the board of governors of the Frankfurt institution.

Ministers should not make their choice on Monday. “The idea is to see where things stand, and member countries want to make sure they understand the process,” a European official said on Wednesday.

Tight schedule

The timetable is particularly tight, with a decision expected by the end of the year, in the best case scenario during one of the two European summits scheduled this month, or during the one scheduled for December.

“Ideally, we would like everything to be settled in December,” explained the European official, without being able to completely rule out a later appointment.

The two men had been the big favorites for months to succeed Christine Lagarde.

Klaas Knot, 59, was the head of the Dutch Central Bank from 2011 to 2025, while Pablo Hernandez de Cos, 55, chaired the Bank of Spain from 2018 to 2024, and since last year has headed the Bank for International Settlements (BIS), a prestigious financial body based in Basel, Switzerland.

Behind the scenes, some present this duel as a new match between the countries of Northern Europe, traditionally adept at a stricter monetary policy to contain inflation, and those of the South, more favorable to measures to support the economy and employment.

But the two candidates have both been able to demonstrate pragmatism throughout their careers.

Their ability to navigate in times of crisis will be scrutinized, as will their ability to communicate clearly to the financial markets, any declaration emanating from the central bank potentially causing turmoil.

Among Mr. Knot's supporters, we believe that it is time for a northern country to regain the presidency of the ECB, occupied since 2003 by two French people and an Italian (Jean-Claude Trichet, Mario Draghi and Christine Lagarde).

For its part, Madrid highlights the “exceptional” career of its candidate, who demonstrated “his ability to lead, his independence and his openness to dialogue”, according to Spanish Minister Carlos Cuerpo.

If the major countries were unable to decide between them, a surprise candidate could emerge, as was the case in 2019 with the appointment of Christine Lagarde.

Market tensions

The Frenchwoman announced at the end of October her early departure from the presidency of the ECB, which will be effective in February 2027, thus opening a succession battle amid tensions on the bond markets, and against a backdrop of high inflation due to the conflict with Iran.

In addition to the presidency, two other positions are to be filled at the ECB: that of chief economist, occupied by the Irishman Philip Lane until May 2027, as well as that of member of the executive board, to replace the German Isabel Schnabel who is due to join the IMF at the beginning of 2027.

This could give rise to negotiations between States to distribute these functions.

By leaving her post next February, Christine Lagarde opened the possibility for outgoing French President Emmanuel Macron to participate in the designation of his successor before the French election in the spring.

Having given up on presenting a candidate to succeed Ms. Lagarde, Paris could claim the position of chief economist, a hypothesis not confirmed by Bercy at this stage.

© 2026 AFP

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