The key facts

  • Spain nominated Pablo Hernández de Cos, the Netherlands — Klaas Knot
  • Lagarde notified of her departure by 7 February 2027
  • On 9 November the Eurogroup will consider both candidacies

Two official candidates to succeed Lagarde

Spain and the Netherlands on Friday officially nominated candidates for the post of President of the European Central Bank, which will become vacant after Christine Lagarde's early departure. According to the Anadolu agency, citing the Eurogroup, by the established deadline two official nominations had been submitted by member states: former Governor of the Bank of Spain Pablo Hernández de Cos and the head of the Dutch central bank, Klaas Knot.

Timeline and appointment procedure

On 29 October, Lagarde formally notified the European Council that she would step down as ECB President by 7 February 2027. Eurozone finance ministers intend to discuss both candidacies at the next Eurogroup meeting on 9 November. Formally, the new ECB President will be appointed by the European Council on a recommendation from the Council of the EU by qualified majority: this will require the support of at least 72% of eurozone member states, representing at least 65% of the eurozone population. Before the EU leaders' final decision, the opinions of the European Central Bank itself and the European Parliament will be formally heard.