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Klaas Knot and Pablo Hernández de Cos are vying to succeed Christine Lagarde at the ECB. Their public remarks offer clues to how they would approach two decisions in a crisis: when to intervene in bond markets and how to keep credit flowing when banks come under pressure.
A serious financial architecture cannot be built on the assumption that institutions never fail. The Single Resolution Board exists to make bank failure manageable — preserving critical functions while ensuring that shareholders, creditors and institutions themselves can still bear the consequences.
Europe’s capital markets do not operate independently. Beneath every share, bond and investment fund lies a monetary system that prices risk, provides liquidity and settles transactions. The ECB guards the stability on which this emerging market architecture rests.
