Spain nominates Pablo Hernández de Cos for ECB presidency
The Spanish government announced Friday its nomination of former Governor of the Bank of Spain, Pablo Hernández de Cos, as a candidate to succeed Christine Lagarde as president of the European Central Bank (ECB). This nomination is detailed in a letter reviewed by Reuters.
Carlos Cuerpo, the Deputy Prime Minister and Minister of Economy, stated in a letter to Eurogroup President Kyriakos Pierrakakis that he is “convinced” Pablo Hernández de Cos will bring the same firmness to the Frankfurt-based institution that he demonstrated during his tenure from 2018 to 2024 at the Bank of Spain.
The ECB announced in late October that Christine Lagarde would step down on February 7, initiating a campaign for her successor.
The governments of the Eurozone were required to submit their candidates by Friday, and Eurozone finance ministers will review the process at a meeting scheduled for Monday.
De Cos, currently the Director General of the Bank for International Settlements (BIS), is considered a leading contender for the position, alongside former Governor of the Dutch Central Bank Klaas Knot.
Cuerpo emphasized that De Cos combines “exceptional knowledge” of economic, budgetary, and monetary policies with “extensive experience” in international banking and financial stability.
During his time as Governor of the Bank of Spain, he chaired the Basel Committee on Banking Supervision and the Technical Advisory Committee of the European Systemic Risk Board, where he developed a “reputation for technical rigor (…) and the ability to unite teams and reach consensus,” according to Cuerpo.
The letter also highlights the candidate’s independence and ability to communicate clearly with markets.
Source
“L'Espagne propose Pablo Hernández de Cos pour remplacer Lagarde à la présidence de la BCE”
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