The race to lead the European Central Bank is down to two official candidates, and the clock is ticking. Spain’s Pablo Hernández de Cos and the Netherlands’ Klaas Knot are vying to replace Christine Lagarde, who leaves on 7 February 2027. Eurogroup President Kyriakos Pierrakakis wants EU leaders to decide before the end of the year.
“We’re operating under a tight deadline, to be frank,” Mr Pierrakakis told reporters after Monday’s Eurogroup meeting in Brussels. Spanish and Dutch finance ministers presented their candidates during the meeting. He was due to discuss the next steps with European Council President António Costa later that day.
Tight timetable, three top jobs
Ms Lagarde announced in October that she would step down before her eight-year term ends. “The optimum would be to have a final decision before the end of the year,” Mr Pierrakakis said. That remains his preferred timetable, with the final appointment resting with EU leaders.
The process also involves a recommendation from finance ministers and a hearing in the European Parliament. Mr Pierrakakis said the Eurogroup would work swiftly to accommodate the limited time available.
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It makes sense to treat the positions simultaneously at the leaders’ level. — Kyriakos Pierrakakis, Eurogroup President
Leaders must also replace Executive Board member Isabel Schnabel and Chief Economist Philip Lane, who leave in January and May 2027 respectively. Mr Pierrakakis suggested considering all three appointments together to help secure agreement. “It makes sense to treat the positions simultaneously at the leaders’ level,” he said.
