Eurogroup calls de Cos and Knot 'excellent' picks for ECB top job

Eurogroup President Kyriakos Pierrakakis on Monday labeled both contenders for the European Central Bank's top job as top-tier picks: former Bank of Spain governor Pablo Hernandez de Cos and former Dutch central bank president Klaas Knot. Pierrakakis, whose Eurogroup gathers the EU's finance ministers, said the pair bring what he called extensive experience and international standing to the race. The two are vying to replace Christine Lagarde, who leaves the post in February 2027.

The opening isn't the only one on the table. Pierrakakis said the Eurogroup will also weigh candidates for Isabel Schnabel's seat on the ECB's Executive Board, which she vacates in January, plus the chief economist role once Philip Lane's term wraps up in May. Three seats, one negotiation.

That's why he floated bundling them. Pierrakakis suggested the appointments could be handled together to facilitate consensus, a package-deal approach that lets ministers trade priorities rather than fight each post out separately. The European Council gets the final word, not the Eurogroup — so whatever consensus emerges still needs a sign-off from the bloc's leaders.