New ECB head: Netherlands nominates ex-central banker Knot

The Netherlands has nominated the former head of its national central bank, Klaas Knot, as a candidate for president of the European Central Bank (ECB). Finance Minister Eelco Heinen announced this to parliament in The Hague. The post is vacant because current ECB chief Christine Lagarde announced she would be leaving her post early in February.

The 59-year-old Knot was president of the Dutch central bank for 14 years - from July 1, 2011 to June 30, 2025. His nomination was expected. He is considered one of the most promising candidates for the job.

In terms of content, the Dutchman stands for a tight monetary policy: In the ECB Council, he openly opposed the ECB's now very loose monetary policy and is therefore in line with the Bundesbank. The economist with a doctorate is currently an honorary professor of central bank economics at the University of Groningen and of monetary stability at the University of Amsterdam.

It should be clear by Friday who is also running for the ECB chair. By then, the euro countries should nominate their candidates for the top of the ECB. The Spaniard Pablo Hernández de Cos is considered one of the favorites. Since July 2025, he has led the Bank for International Settlements (BIS) in Basel, in a sense the central bank of central banks. He was previously head of the Spanish central bank (2018-2024) and in this role a member of the Governing Council of the ECB.

In contrast to Knot, Hernández de Cos is seen as a representative of a more loose monetary policy with lower interest rates. Bundesbank President Joachim Nagel had also expressed interest in heading the ECB. However, his chances are considered slim because Ursula von der Leyen, a German, already holds a top EU position - that of EU Commission President.