Spain and Netherlands nominate candidates to succeed ECB chief Lagarde

Spain's Pablo Hernández de Cos and the Netherlands' Klaas Knot have been nominated as candidates to succeed Christine Lagarde as President of the European Central Bank (ECB).

Eurogroup President Kyriakos Pierrakakis issued a written statement regarding the nominations for the ECB presidency, CE Report quotes Anadolu Agency.

The statement recalled that Lagarde informed the President of the European Council on October 29 that she would step down from her position effective February 7, 2027.

Following the announcement, the process to appoint a new ECB president was launched. EU member states were invited to submit their nominations by November 6.

By the deadline, two candidates had been officially nominated: Pablo Hernández de Cos of Spain and Klaas Knot of the Netherlands. The Eurogroup is scheduled to review the nominations at its meeting on November 9, when eurozone finance ministers will discuss the next steps.

Members of the ECB's Executive Board, including its president, are appointed by EU leaders following a recommendation from the Council of the European Union.

The recommendation requires support from at least 16 of the 21 eurozone member states, representing at least 65% of the eurozone's population.

Before EU leaders make their final decision, both the European Central Bank and the European Parliament will be consulted.

Lagarde had announced that she would leave in February, approximately nine months before the end of her regular term, which was due to expire in late October 2027.

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