BBVA has highlighted the career and ability of Pablo Hernández de Cos, former governor of the Bank of Spain, by considering him a suitable candidate to preside over the European Central Bank (ECB) following the announcement of Christine Lagarde’s resignation at the head of the institution.
"[Lagarde] has made a very important contribution to the ECB," said BBVA CEO Onur Genç, at a press conference held this Thursday on the occasion of the publication of the bank’s quarterly results.
When questioned about the option of Hernández de Cos becoming his replacement, the CEO of BBVA pointed out that the entity has worked "very closely" with him during the years in which he was at the head of the Bank of Spain and stressed that "he is an outstanding professional, an excellent profile".
"The ECB is a very important institution in Europe. It deserves very credible presidents like Pablo," Genç emphasized, thus reinforcing the bank’s support for the possible candidacy of the Spanish economist.
Lagarde will leave the presidency of the ECB on February 7, 2027. The handover in the top position will be decided in the European Council, following the appointment procedure provided for in Article 283 of the Treaty on the Functioning of the European Union.
The early departure of Christine Lagarde will open a new vacancy on the ECB Executive Board, made up of six members, which is added to the resignation of Isabel Schnabel, who will leave her post at the end of 2026, and to the expiration in May 2027 of the mandate of the chief economist, Philip Lane.
In this way, the EU countries could simultaneously agree on the three appointments to renew half of the ECB committee for 2027. Among the best positioned names for the presidency are the former governors of the central banks of the Netherlands and Spain, Klaas Knot and Pablo Hernández de Cos, while it is taken for granted that France will aspire to the position of chief economist that Lane will leave, and Germany will try to retain the seat currently occupied by Schnabel, responsible for the ECB’s market operations.