In brief
Two central bank veterans, Klaas Knot of the Netherlands and Pablo Hernández de Cos of Spain, have been nominated by Eurozone nations to replace Christine Lagarde as ECB president. The nominees will be reviewed by the Eurogroup on 9 November before consultations with the ECB and European Parliament, with the final appointment pending the European Council. They are both renowned crisis managers who will assume the post in February.
Eurozone finance ministers announced that the Netherlands nominee Klaas Knot and the Spanish nominee Pablo Hernández de Cos will vie to become the next President of the European Central Bank, succeeding Christine Lagarde.
Both candidates are seasoned crisis managers: Knot served as chief of the Dutch central bank, while Hernández de Cos is the General Manager of the Bank for International Settlements.
Kyriakos Pierrakakis, President of the Eurogroup, said the group would review the two candidacies on its next meeting on 9 November.
"At its next meeting on 9th November, the Eurogroup will take stock of these candidacies," said Pierrakakis.
The selection process will then involve the ECB and the European Parliament before a final appointment is made by the European Council, with the new president slated to take office in February.
