ECB chief pick targeted by year-end, Eurogroup says

The European Union wants to choose the next head of the European Central Bank by the end of the year, Eurogroup chief Kyriakos Pierrakakis said Monday.

Pierrakakis spoke before euro area finance ministers held their first discussions on a successor to Christine Lagarde, who announced last month that she would step down in February.

Former Dutch central bank chief Klaas Knot and Pablo Hernandez de Cos of Spain, head of the Bank for International Settlements, are the two candidates to replace Lagarde.

Pierrakakis said Dutch and Spanish ministers would present their candidates at the Eurogroup meeting. He also said he would meet Antonio Costa, head of the European Council, later Monday.

EU leaders will appoint Lagarde's replacement based on a recommendation from euro area finance ministers.

Spanish Economy Minister Carlos Cuerpo called Hernandez de Cos the “right person for the position”, citing his experience at the Bank of Spain, the Bank for International Settlements and the ECB. Dutch Finance Minister Eelco Heinen called Knot an “excellent candidate” with strong knowledge of the ECB's mandate.

Irish Finance Minister Simon Harris said he hoped Lagarde's replacement would be chosen by December, while adding that the appointment needed to be made carefully.