Brussels:Euro zone nations have put forward two seasoned central banking veterans as candidates to replace Christine Lagarde as the head of the European Central Bank (ECB). The nominees are Pablo Hernández de Cos from Spain and Klaas Knot from the Netherlands.
According to Wam, Pablo Hernández de Cos is currently the General Manager of the Bank for International Settlements, while Klaas Knot previously served as the chief of the Dutch central bank. Both are recognized as experienced crisis-fighters and are set to vie for Europe's most influential financial position beginning in February.
The Eurogroup, which represents the finance ministers of the euro zone, will review these candidacies in their next meeting in November, as stated by its President, Kyriakos Pierrakakis. The selection process, outlined in the Treaty on the Functioning of the EU, requires consultations with the ECB and the European Parliament before the European Council makes a final decision.