Eurozone countries have been asked to submit their candidates for the next president of the European Central Bank (ECB) by November 6. Finance ministers from these nations will review the nominations at a meeting scheduled for November 9. The process follows ECB President Christine Lagarde's announcement last week that she will step down in February, eight months before her term's scheduled end.
Three key candidates have emerged for the role. Klaas Knot, a 59-year-old monetary economist, served as the head of the Dutch central bank from 2011 to 2025. Known as a pragmatic policy hawk, Knot has been a prominent figure on the ECB's rate-setting Governing Council for 14 years. His tenure has been marked by both opposition to Mario Draghi's stimulus measures and alignment with Christine Lagarde's policies.
Pablo Hernandez de Cos, a 55-year-old moderate policy dove, currently heads the Bank for International Settlements. He previously served as the Bank of Spain governor from 2018 to 2024 and is described as a pragmatic economist who avoids dogma and is known for being a team player. De Cos has also gained international recognition for his role in coordinating global central bank policies.
Joachim Nagel, the 60-year-old head of the Bundesbank since 2022, has altered Germany's relationship with the ECB. While his predecessor was in conflict with the ECB, Nagel has adopted a more cooperative stance, even supporting the creation of the European Deposit Insurance Scheme. Nagel is seen as a moderate hawk and is considered the least likely winner among the three candidates.