The two senior bankers vying to lead the eurozone economy
Two senior bankers, Dutch Klaas Knot and Spanish Pablo Hernández de Cos, are competing for the presidency of the European Central Bank after Christine Lagarde's early resignation. The decision will be made at the end of November by a qualified majority of eurozone countries.
Two senior bankers are competing for the presidency of the European Central Bank (ECB), after Christine Lagarde announced her early resignation. The candidates are Dutch Klaas Knot, former governor of the central bank, who represents a hawkish approach advocating price stability above all; and Spanish Pablo Hernández de Cos, former president of the Bank for International Settlements (BIS), seen as a supporter of looser monetary policy. The decision will be made at the end of November by the leaders of 21 eurozone countries, by a qualified majority of 16 countries representing 65% of the population. A Bloomberg poll gives de Cos a slight edge, with 12 experts versus 9 for Knot. The contest takes place against a backdrop of inflation concerns, a debt crisis in France, and record bond yield spreads. The article notes that Knot tried to reassure southern European countries by stating he "would not hesitate to act" against a debt crisis, while Hernández de Cos tries to present a more hawkish image.