The Spanish Government has officially registered the candidacy of Pablo Hernández de Cos, the current Director General of the Bank for International Settlements (BIS) and former Governor of the Bank of Spain, to replace Christine Lagarde at the head of the European Central Bank (ECB).
The First Vice President and Minister for Economic Affairs, Trade and Enterprise, Carlos Cuerpo, sent this Friday the proposal to the president of the Eurogroup, the Greek Kyriakos Pierrakakis, by letter, on the day the deadline to submit candidates expired. The move comes after the Netherlands confirmed that it will put forward Klaas Knot in the race to lead the European monetary authority.
"Pablo Hernández de Cos is an exceptional candidate, with a well-established international reputation and a track record that demonstrates leadership, independence and the ability to engage in dialogue. I am convinced that he would bring to the ECB the same steady hand he showed while heading the Bank of Spain, where he pushed for greater transparency and a closer connection with citizens", Carlos Cuerpo has said.
In the coming months, the ECB will face the renewal of half of the seats on its Executive Board, after the announcement of Lagarde’s and Isabel Schnabel’s early departure for the beginning of 2027 and ahead of the end of the term of the chief economist, Philip Lane, in May. Thus, the leadership of the European central bank is preparing for one of the most significant succession processes since its creation.
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