In brief
On November 6/7, 2026 the eurozone’s finance ministers named former Dutch central bank chief Klaas Knot and Spain’s Bank for International Settlements General Manager Pablo Hernández de Cos to replace Christine Lagarde as ECB president. The Eurogroup will review the candidacies at its meeting on November 9, after which the ECB, European Parliament and European Council will consult before a final appointment. The move underscores the EU’s emphasis on experienced crisis management as it prepares to transition leadership in Europe’s most powerful monetary institution.
On a Friday in early November, the eurozone’s finance ministers formally nominated former Dutch central bank chief Klaas Knot and Spain’s Bank for International Settlements General Manager Pablo Hernández de Cos as candidates to take over as President of the European Central Bank from Christine Lagarde.
Knot, who managed the Dutch central bank during the 2008‑2010 euro crisis, and de Cos, who heads the BIS, are both described as seasoned crisis‑fighters. The nominations took place ahead of the ECB’s scheduled leadership transition from February 2027.
Kyriakos Pierrakakis, President of the Eurogroup, noted that “At its next meeting on 9th November, the Eurogroup will take stock of these candidacies.” Pierrakakis said the Eurogroup’s review is one step in the selection process stipulated by the Treaty on the Functioning of the EU.
“At its next meeting on 9th November, the Eurogroup will take stock of these candidacies,”
After the Eurogroup’s assessment, the ECB will seek input from the European Parliament, and the European Council will make the final appointment. This sequence of consultations is standard procedure for selecting the ECB’s President, pending confirmation from the relevant bodies.
