Key facts
- Pablo Hernández de Cos is a measured economist with a reputation for quiet authority.
- Klaas Knot is a former hawk whose years on the ECB’s governing council left a more complicated legacy.
- De Cos has a Ph.D. from the University of Madrid and joined the Bank of Spain in 1997.
- Knot has a Ph.D. from the University of Groningen and has held positions at the Dutch central bank and IMF.
- De Cos served as governor of the Bank of Spain from 2018 to 2024.
- Knot led De Nederlandsche Bank from 2011 to 2025.
The race to succeed Christine Lagarde as European Central Bank president has intensified following her announcement of departure in February. The two front-runners are Pablo Hernández de Cos, governor of the Bank of Spain, and Klaas Knot, governor of De Nederlandsche Bank. A recent Bloomberg survey of economists shows de Cos with a slight lead, with 12 respondents favoring him over Knot's nine. EU leaders are responsible for the appointment, and negotiations are expected to involve national interests and the filling of two vacant executive board seats in January and May.
De Cos, known for his measured economic approach and quiet authority, has a Ph.D. from the University of Madrid and previously served as an adviser to the ECB's executive board. He is credited with restoring the Bank of Spain's reputation and has chaired the Basel Committee for Banking Supervision. He is seen as a "modest dove" but supported the ECB's rate hikes in 2022.
Knot, who holds a Ph.D. from the University of Groningen, has a background at the Dutch central bank and the IMF. He previously chaired the Financial Stability Board and was known as a staunch hawk during Mario Draghi's tenure, though he has since been described as a pragmatic team player. Supporters believe his hawkish stance could reassure markets on price stability while managing debt crises.