Klaas Knot faces Spanish rival for ECB presidency

The Spanish government has formally chosen Pablo Hernández de Cos as its candidate for the presidency of the European Central Bank (ECB).

Hernández de Cos is seen as the main rival of Klaas Knot for the position. The nomination puts the two men in direct competition for the top job at the bank.

The Netherlands formally nominated Knot, 59, this week. He headed De Nederlandsche Bank, the Dutch central bank, for 14 years. Hernández de Cos, 55, held the same post in Spain until 2024. Countries had until 17:00 on Friday to put forward candidates, and no one else was nominated, the Eurogroup announced.

Christine Lagarde announced this week that she is leaving the ECB presidency early. The post becomes vacant in February. Eurozone finance ministers meet in Brussels on Monday to discuss the nominations. The choice itself comes later.

To be appointed, a candidate needs the backing of 16 of the 21 eurozone countries and of countries holding at least 65% of the eurozone population. The European Parliament is consulted, and the European Council takes the final decision, expected in mid-December.

Spanish deputy prime minister Carlos Cuerpo wrote to Eurogroup chair Kyriakos Pierrakakis that he is confident Hernández de Cos will bring the ECB the same leadership style he showed at the Spanish central bank.