BRUSSELS — The European Union wants to name the next head of the European Central Bank by the end of the year, Eurogroup chief Kyriakos Pierrakakis said on Monday, Nov. 9, DW reported. “We understand that we need to move fast,” he said before a meeting of eurozone finance ministers.
Related: Christine Lagarde to Step Down as ECB President on Feb. 7.
The two candidates
The two candidates are former Dutch central bank governor Klaas Knot and Pablo Hernández de Cos of Spain, who heads the Bank for International Settlements, according to DW. Spanish Economy Minister Carlos Cuerpo called Hernández de Cos the right person for the job, and Dutch Finance Minister Eelco Heinen called Knot an excellent candidate.
Heinen also said countries should not treat the race as north against south or as a chance to trade favors on other topics, such as the EU’s long-term budget.
How the choice is made
Eurozone finance ministers put forward a candidate, the European Parliament holds a hearing and EU leaders make the final decision, DW said. Pierrakakis said Monday’s discussion would mainly be an information point, and that he would meet European Council head Antonio Costa later in the day.
Why the timetable is tight
Lagarde announced on Oct. 29 that she would leave nine months before the end of her term. Leaders must also fill two other seats on the ECB’s Executive Board within months: Isabel Schnabel leaves on Jan. 3, 2027, and Chief Economist Philip Lane’s term ends in May 2027, DW reported.
Reuters, citing officials, said the three jobs are likely to be negotiated as a package among France, Germany, Spain and the Netherlands, according to DW.
What happens next
Finance ministers must settle on one name before the Parliament hearing can go ahead. More is on our World News page.
Sources
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