# Klaas Knot faces Spanish rival for ECB presidency

> Spain's government has put forward Pablo Hernández de Cos as its candidate to lead the European Central Bank, pitting him against Klaas Knot for the post.

Economy · published 2026-11-06 18:23 · https://nlnow.nl/a/spain-nominates-knot-s-main-rival-for-ecb-president/

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.

## 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. It sets monetary policy for those countries, mainly by deciding on the key interest rates, with the aim of keeping prices stable. Its president chairs the Governing Council and represents the bank externally, so the post matters for Dutch savings, mortgages and the wider eurozone economy.

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