Who Will Replace Christine Lagarde as ECB President in 2027?

European Central Bank President Christine Lagarde will step down on February 7, 2027, triggering a leadership race to head the central bank responsible for monetary policy across the eurozone. The ECB confirmed her departure on October 29.
Two leading contenders are emerging: Pablo Hernández de Cos, former governor of the Bank of Spain and current head of the Bank for International Settlements, and Klaas Knot, the former governor of the Dutch central bank. Both bring extensive central banking experience, but the final decision will depend on negotiations among European leaders.
The appointment matters for financial markets because the next ECB president will help shape the institution's leadership and approach to monetary policy amid inflation risks, energy-price volatility, and economic uncertainty.
No successor has been officially appointed yet. The selection process is expected to move forward through the European Council under the EU's formal appointment procedure.
Who do you think should lead the ECB next: Pablo Hernández de Cos or Klaas Knot?