# Dutchman Klaas Knot still in race for ECB president

> Chancellor Friedrich Merz says Berlin has not yet chosen between Dutchman Klaas Knot and Spaniard Pablo Hernández de Cos for the top job at the European Central Bank, which sets interest rates for the euro area.

Economy · published 2026-11-14 16:37 · https://nlnow.nl/a/germany-needs-a-few-more-days-to-back-an-ecb-president/

German Chancellor Friedrich Merz said on Friday that he expects to need "a few more days" before Germany takes a final position on new appointments at the European Central Bank, including its president. He was speaking at an informal EU summit in Dublin. Two candidates are in the race to succeed Christine Lagarde: Klaas Knot from the Netherlands and Pablo Hernández de Cos from Spain.

Merz spoke of "very intensive talks". "Agreements are on the horizon, but we have not finished yet," he said.

Formally, the new president needs the backing of 16 of the 21 euro countries, which together represent at least 65% of the population.

Neither candidate's prime minister was in Dublin. Dutch Prime Minister Rob Jetten stayed home because of the cabinet crisis, and the Netherlands sent no one in his place. Spanish prime minister Pedro Sánchez was campaigning for an election at home, and Spain sent its EU ambassador instead.

The race gathered pace after Lagarde announced at the end of October that she will leave early, in February next year, instead of at the end of her term in October 2027.

## Background

- **ECB (Europese Centrale Bank)**: The European Central Bank is the central bank of the euro area, the group of EU countries that use the euro, including the Netherlands. It is based in Frankfurt and sets the euro area's monetary policy, mainly by deciding on interest rates, with the main goal of keeping prices stable. Its president, who leads its Governing Council and represents the bank, is appointed by the European Council (the heads of state and government of the EU), and the Dutch central bank, De Nederlandsche Bank (DNB), is part of the ECB's network of national central banks.

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