The European Central Bank is preparing for a succession race: who has a chance of reaching the top?

Two individuals are officially competing to succeed Christine Lagarde as president of the European Central Bank, following her announcement in late October 2026 to leave her position early on February 7, 2027. Today, Monday, November 9, negotiations between the 21 euro zone countries began in Brussels, amid expectations that the decision will be resolved before the end of the year.

The head of the Eurogroup, Kyriakos Perakakis, explained that the deadline set by the 21 countries to present candidates passed on Friday, November 6, resulting in two individuals being officially nominated, according to a report by Radio France Internationale.

The race includes the first candidate, Dutchman Claes Knott (59 years old), who served as Governor of the Dutch Central Bank between 2011 and 2025. The second candidate is the Spaniard Pablo Hernandez de Cos (55 years old), former governor of the Bank of Spain between 2018 and 2024, who since 2025 has been president of the Bank for International Settlements in the Swiss city of Basel.

This behind-the-scenes competition is described – according to Radio France Internationale – as a confrontation between the northern European countries, which tend toward strict monetary policies to contain inflation, and the southern countries, which adopt a supportive approach to the economy and job opportunities.

Today in Brussels, the euro zone finance ministers will begin studying the two nominations to recommend them to the heads of state and government, in preparation for making the final decision after consulting with the European Parliament and the Board of Governors of the European Central Bank.

In light of a tight timetable, a decision is expected to be made before the end of this year, either during one of the two European summits scheduled for this month or the December summit. If member states fail to decide between the two candidates, the possibility of a third candidate remaining possible remains possible, similar to the scenario in 2019 that led to Christine Lagarde being chosen for the position.