Klaas Knot and Pablo Hernández de Cos are the two candidates to succeed Christine Lagarde as head of the European Central Bank, with a decision expected in December. The handover will take place on February 7, 2027, as the ECB plans to raise interest rates and launch the pilot phase of the digital euro in the second half of 2027. Knot, who has led the Dutch central bank since 2025, contributed to Binance’s exit from the Netherlands and warned about the systemic risks associated with ETFs and stablecoins. Hernández de Cos, the former chair of the Basel Committee, oversaw rules requiring banks to fully cover their Bitcoin exposures with capital. The article concludes that Hernández de Cos would be the most unfavorable choice for Bitcoin because of his direct influence over banking regulation, whereas ECB interest rates are determined by the full Governing Council.
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