Brussels (Belgium) (AFP) - The succession of Christine Lagarde as head of the European Central Bank (ECB), based in Frankfurt, will be decided between the Spanish Pablo Hernández de Cos and the Dutch Klaas Knot, the two candidates to replace the president of the institution who announced her early departure in October.

First modification: 11/06/2026 - 18:33 Last modification: 11/06/2026 - 18:36

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

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

They must recommend a name to their heads of State and Government, who will be responsible for making the final decision in the coming weeks, after consulting the European Parliament and the Governing Council of the Frankfurt-based institution.

"The ideal would be for everything to be resolved in December," explained a European official, without completely ruling out that the appointment could take place later.

Both men have been emerging as the main favorites to succeed Christine Lagarde for months.

Klaas Knot, 59, headed the Central Bank of the Netherlands between 2011 and 2025, while Pablo Hernández de Cos, 55, presided over the Bank of Spain between 2018 and 2024 and has directed the Bank for International Settlements (BIS) since last year, a prestigious financial organization based in Basel (Switzerland).

In the corridors of the European institutions, some present this duel as a new confrontation between the countries of northern Europe, traditionally in favor of a stricter monetary policy to contain inflation, and those of the south, more favorable to measures to support the economy and employment.

However, both candidates have demonstrated pragmatism throughout their respective careers.

Among Knot's supporters, it is considered that the time has come for a northern country to assume the presidency of the ECB, occupied since 2003 by two Frenchmen and an Italian (Jean-Claude Trichet, Mario Draghi and Christine Lagarde).

For its part, Madrid highlights the "exceptional" career of its candidate, who has demonstrated "his leadership capacity, his independence and his willingness to dialogue," according to Spanish Minister Carlos Body.

If the countries cannot agree on one of the two, a surprise candidate could emerge, as happened in 2019 with the appointment of Christine Lagarde.

The Frenchwoman announced at the end of October her early departure from the presidency of the ECB, which will take effect in February 2027, which has opened a battle for succession at a time of tensions in the debt markets and with high inflation due to the conflict with Iran.

© 2026 AFP

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