Spain’s government has nominated Pablo Hernandez de Cos, general manager of the Bank for International Settlements (BIS), as its candidate for president of the European Central Bank. The government notified Eurogroup President Kyriakos Pierrakakis of the nomination by letter, a move that opens the succession race at the ECB.
The vacancy follows Christine Lagarde’s announcement last week that she will step down. She is preparing to hand over her seat in February next year, about nine months before her normal term ends, leaving EU leaders a window to settle the succession before France’s spring elections.
Competing candidacies
The Netherlands had already put forward Klaas Knot, the former head of the Dutch central bank, on October 4. Spain’s Deputy Prime Minister Carlos Cuerpo described Hernandez de Cos as a candidate who stands out for his solid stance and inspiring leadership.
Germany’s government said it would take part in the process. German Government Spokesperson Stefan Kornelius said many opportunities would arise in the coming weeks and months to form a broad list of candidates during European consultations.
Timetable and knock-on posts
Eurozone countries have until November 7 to submit candidates, and finance ministers will discuss the field at a meeting on November 9. The choice also affects other posts. Isabel Schnabel’s seat on the ECB Executive Board becomes vacant in early January 2027 when she moves to the International Monetary Fund. Philip Lane’s term as chief economist ends on May 31.
