Candidates from Netherlands and Spain Compete for Lagarde's Successor as ECB President

Brussels, Nov 6 (KUNA) -- The European Union announced on Friday that former Governor of the Dutch Central Bank Klaas Knot and Pablo Hernández de Cos, President of the Bank for International Settlements, are running for the position of President of the European Central Bank (ECB), succeeding the current president, Christine Lagarde.

The announcement came in a statement by Eurogroup President and Greek Finance Minister Kyriakos Pierrakakis, who clarified that he had received two nominations for the post before the deadline expired today: Knot, the Netherlands’ candidate, and Hernández de Cos, Spain’s candidate. He added that the Eurogroup would discuss the two nominees at its next meeting, scheduled for November 9, as part of the procedures for selecting the new ECB president.

Lagarde had informed European Council President António Costa on October 29 of her intention to resign from her post by February 7 next year, prompting the Eurogroup to launch the selection process for her successor and open nominations to member states.

Under EU procedures, the European Council appoints the ECB president and members of its executive board based on a recommendation from the Council of the European Union, which adopts its decision by a qualified majority reinforced by euro area countries. This vote requires the approval of at least 72 percent of euro area member states, i.e., 16 out of 21, provided these countries represent at least 65 percent of the region’s total population. The procedures also stipulate consultation with the European Central Bank and the European Parliament before the European Council takes its final decision on the appointment. (End) A.R.N. / M.A.A.