Spain does not want to lose influence in the heart of European monetary policy. The still vice-president of the European Central Bank, Luis de Guindos, has defended that the country must maintain its presence on the ECB Executive Board and has even left the door open to aspiring to the presidency in the next handover.
In an interview granted to El País, De Guindos —who will leave his post at the end of the month— underlines that, as the fourth economy in the euro area, Spain must continue to have a voice in the body that makes key decisions on interest rates and financial stability.
Spain is left without representation… temporarily
The departure of De Guindos and the entry of the Croatian Boris Vujcic will leave Spain, for the first time in years, without representation on the six-member committee of the ECB. This is a situation that, according to the former Minister of Economy himself, should only be temporary.
“The best scenario would be the presidency, but the important thing is to have a seat,” says De Guindos, convinced that Spain will once again occupy one of those positions in the short term.
2027, the key year to regain influence
The calendar plays in Spain's favor. In 2027, three vacancies on the Executive Committee will open up, including that of the current president, Christine Lagarde. That moment is shaping up as a strategic opportunity for the country to regain weight —or even take a qualitative leap— in the governance of the euro.
Although formally any country in the euro area can aspire to these positions, the reality is that the large economies —Germany, France, Italy, and Spain— historically dominate the leadership of the ECB.
The names on the table
The debate about who could represent Spain has already begun. Among the profiles that are sounding strongest are:
- Pablo Hernández de Cos, former governor of the Bank of Spain and current executive of the Bank for International Settlements
- José Luis Escrivá, current governor of the Bank of Spain
- Nadia Calviño, president of the European Investment Bank
- Carlos Cuerpo, Minister of Economy
De Guindos avoids publicly backing a specific candidate, although he acknowledges Hernández de Cos's technical profile.
More than a position: influence on European economic policy
The presence on the ECB Executive Board is not symbolic. It means participating directly in key decisions such as interest rate policy, inflation, or economic stimulus measures.
Therefore, Spain's absence generates concern in some economic circles, which see in this transition a risk of loss of influence at a particularly sensitive moment for the European economy.
A political pulse within the euro
The battle for the ECB posts is not only technical, but also political. Each appointment reflects balances between countries, economic interests, and alliances within the European Union.
In this context, De Guindos' words point to a clear strategy: Spain does not want to be left out of the hard core of the euro and is preparing to compete for one of the key positions in the next renewal.
The objective is not minor. At stake is the ability to influence the economic course of the entire eurozone during the next decade.