Spain and the Netherlands have put forward two candidates to succeed Christine Lagarde as president of the European Central Bank. Eurogroup President Kyriakos Pierrakakis confirmed receipt of both nominations on 6 November 2026, according to 2eu.brussels. Spain nominated Pablo Hernández de Cos and the Netherlands nominated Klaas Knot. Euro-area finance ministers are due to discuss the two names on 9 November.
Key facts
- The deadline for national nominations was 6 November. Two nominations were received.
- Lagarde plans to step down early on 7 February 2027. She took office on 1 November 2019.
- The European Council appoints the successor for eight years. The EU treaty makes the term non-renewable.
What will ministers discuss on 9 November?
In a letter sent to the Dutch House of Representatives on 4 November, Finance Minister Eelco Heinen said the Netherlands would nominate Knot. The letter describes the 9 November session as an exchange of views on the candidates received, with no decision envisaged at that meeting. Ministers can use the discussion to establish what support the nominees have among governments before the process moves to a formal recommendation.
Both nominees have served on the ECB Governing Council as heads of national central banks. Hernández de Cos led the Bank of Spain from 2018 to 2024 and now heads the Bank for International Settlements. Knot led De Nederlandsche Bank from 2011 to 2025. The nominations identify the candidates each government is putting forward. The announcement leaves open how other governments will line up.
The Dutch letter identifies several meetings in November and December at which heads of government could discuss the vacancy. It also raises the possibility that talks on the presidency will take place alongside discussions on replacing ECB Executive Board members Isabel Schnabel and Philip Lane. That is the Dutch government’s assessment of how the talks might develop. The appointment itself follows the steps set out in the treaty.
Who makes the appointment?
Political agreement in the Eurogroup and the formal appointment are distinct steps. Under Article 283 of the Treaty on the Functioning of the European Union, the Council of the European Union makes a recommendation. The European Parliament and the ECB Governing Council are consulted before the appointment. The European Council makes the final decision by qualified majority.
| Step | Institution | Status |
|---|---|---|
| Review of nominations | Eurogroup | Scheduled for 9 November |
| Formal recommendation | Council of the European Union | Pending |
| Consultation | European Parliament and ECB Governing Council | Required before appointment |
| Appointment | European Council | Decision pending |
The Dutch finance ministry’s explanation puts the threshold at 16 of the 21 euro-area countries, representing at least 65% of the euro area’s population. A candidate therefore needs support that meets both tests. Backing from a sufficient number of countries alone would leave the population test to be met.
The president sits on the six-member Executive Board. The Governing Council also includes the governors of the euro area’s national central banks. The appointment changes the leadership of the institution, where the Governing Council takes monetary policy decisions collectively. The immediate question on 9 November is whether finance ministers can narrow the field. No date has been announced for the formal appointment.
