Spain and the Netherlands battle over ECB presidency

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BRUSSELS — The Netherlands and Spain on Friday submitted candidates to succeed Christine Lagarde, who steps down as president of the European Central Bank on Feb. 7. Pablo Hernández de Cos, a former governor of Spain's central bank, and the Netherlands' Klaas Knot, a former president of the Dutch central bank, were the only candidates to emerge after the 5 p.m. deadline, as expected. Their candidacies are part of a larger game of musical chairs that includes France and Germany, as Europe’s four economic powerhouses negotiate how to secure their seats on the ECB’s executive board. The ECB is one of the most powerful institutions in Europe, responsible for setting interest rates to keep prices stable at 2% over the medium-term.