Meet the front-runners to replace Lagarde
Pablo Hernández de Cos and Klaas Knot bring long records in monetary policy — and sharply different memories of the Draghi years.
As the European Central Bank prepares to appoint a new head in February 2026, the race to replace outgoing President Christine Lagarde has intensified. Two frontrunners have emerged: Spain's Pablo Hernández de Cos and the Netherlands' Klaas Knot.
De Cos, a measured economist with a reputation for quiet authority, has a slim lead in Bloomberg's survey of economists, with 12 respondents endorsing him compared to nine for Knot. De Cos joined the Bank of Spain in 1997 and moved to Frankfurt in 2004 to advise the ECB's executive board. He restored the Bank of Spain's reputation after missteps during the financial crisis and has been a key figure in international banking regulation as chair of the Basel Committee for Banking Supervision and as head of the Bank for International Settlements.
Knot, on the other hand, has a more complicated legacy as a former hawk whose years on the ECB's governing council left room for concern. He has a strong economic background, having held positions at the Dutch central bank, the International Monetary Fund, and the Dutch Finance Ministry. Knot chaired the Financial Stability Board, the global body monitoring financial system risks, for much of Draghi's presidency.
EU leaders will make the appointment, and national claims and other ECB vacancies may shape negotiations. Knot's hawkish past and G20 experience may appeal to some EU governments, while De Cos' experience during the eurozone crisis could convince them of his suitability. Ultimately, the choice will depend on which candidate's policy temperament and political arithmetic best suits the needs of the European Union.
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