The key facts
- The Eurogroup has put forward two candidates for the ECB presidency: Pablo Hernández de Cos (Spain) and Klaas Knot (Netherlands)
- Christine Lagarde will resign on 7 February 2027 — roughly nine months before the end of her term
- The reasons for the early departure are not specified in the Eurogroup statement
Eurogroup settles on candidates for the post of ECB president
The Eurogroup — the association of finance ministers of the eurozone countries — has launched the procedure for appointing a new president of the European Central Bank after Christine Lagarde announced her early departure from the post. This is stated in the association's official statement, which Life.ru cites. Two former heads of national central banks are vying for the post: the Spaniard Pablo Hernández de Cos and the Dutchman Klaas Knot.
Who is vying for the post
The Eurogroup statement notes that both candidates possess «extensive experience and an international reputation». Hernández de Cos previously headed the Bank of Spain and currently leads the Bank for International Settlements. Knot served as president of the Netherlands' central bank until 2025.
The timing and circumstances of Lagarde's departure
Lagarde announced her intention to leave the post on 29 October, notifying the ECB Governing Council and European Council President António Costa. Her term will end on 7 February 2027 — roughly nine months ahead of the scheduled date: she has led the regulator since 2019, and her term was due to expire in October 2027. The reasons for her early departure are not specified in the Eurogroup statement. According to media reports cited by the outlet, after her resignation Lagarde may head the World Economic Forum in Davos — this information has not been officially confirmed.
