The Eurogroup has put forward Hernández de Cos and Knot as candidates under consideration.
Why it matters: The next ECB president will shape investor expectations for interest rates, inflation policy and the euro. The appointment requires an EU-wide qualified majority, not a vote limited to euro-area countries.
- Pablo Hernández de Cos of Spain and Klaas Knot of the Netherlands are candidates put forward for consideration by the Eurogroup.
- Christine Lagarde told the European Council she would resign effective February 7, 2027, according to an ECB announcement.
- Under Article 283(2), the Council recommends a candidate after consulting the European Parliament and the ECB Governing Council.
- The European Council appoints the president by qualified majority: at least 55% of states, currently 15 of 27, representing at least 65% of the EU population.
The ECB succession contest centers on Pablo Hernández de Cos, Spain's former central-bank governor, and Klaas Knot, the former president of the Dutch central bank. Eurogroup President Kyriakos Pierrakakis said after the November 9 meeting that two candidates with extensive experience and international standing had been put forward in remarks published by the Council.
Hernández de Cos is general manager of the Bank for International Settlements and served as governor of the Bank of Spain and as a member of the ECB Governing Council from 2018 to 2024, according to his BIS biography. Knot led De Nederlandsche Bank from 2011 until June 2025, completing two seven-year terms, according to the Dutch central bank.
Lagarde informed the European Council on October 29 that she would resign effective February 7, 2027. The ECB's October 29 announcement gives that date and says the resignation falls before the scheduled end of her term. The announcement does not say that the resignation has been formally accepted.
Article 283(2) of the Treaty on the Functioning of the European Union sets out the process: the Council recommends a candidate after consulting the European Parliament and the ECB Governing Council. The European Council then appoints the president by qualified majority.
The Council's qualified-majority explanation sets the standard threshold at at least 55% of member states, representing at least 65% of the EU population. With 27 EU member states, that means at least 15 governments and 65% of the EU population. The Eurogroup president said the final decision rests with the European Council.
By the numbers
- 15 of 27 states - the minimum number of governments represented by the 55% qualified-majority threshold
- 65% - the minimum share of the EU population required under the qualified-majority rule
- February 7, 2027 - Lagarde's announced resignation date
Yes, but: The Eurogroup has put forward Hernández de Cos and Knot for consideration, but the materials do not identify a formal nomination document. The process still requires a Council recommendation after consultations with the European Parliament and the ECB Governing Council.
What's next: The Council recommendation and subsequent European Council appointment are the next formal steps.