The Netherlands and Spain announce their candidates for the ECB presidency

The Netherlands and Spain presented their candidates for the presidency of the European Central Bank on Friday, a position that will become vacant after Christine Lagarde’s term ends on February 7. Pablo Hernández de Cos, former governor of the Bank of Spain, and Klaas Knot, former president of the Dutch central bank, were the only candidates registered by the 5 p.m. deadline.

The nominations open a broader negotiation among Europe’s major economic powers over the future composition of the ECB’s leadership. The institution sets monetary policy for the euro area and seeks to maintain price stability, with a medium-term inflation target of 2%. The six-member Executive Board coordinates the bank’s day-to-day activities.

Germany is seeking to retain the position that will be vacated by economist Isabel Schnabel on January 3, when she will leave for the International Monetary Fund. France, meanwhile, is pursuing the ECB’s chief economist post, currently held by Ireland’s Philip Lane, whose term ends on May 31.

Eurozone finance ministers will discuss the reshuffle of the ECB’s leadership on Monday in Brussels. Negotiations could continue at the informal summit of EU leaders in Dublin, scheduled for the end of next week. The deadline for submitting candidates to replace Schnabel is November 27.