MNI: Spain To Support De Cos For ECB Head After Initial Doubts

The Spanish government has finally decided to throw its support behind Bank for International Settlements General Manager and former Bank of Spain Governor Pablo Hernandez de Cos to succeed Christine Lagarde as president of the European Central Bank, sources in the Spanish government told MNI.

While Hernandez de Cos has been widely mentioned as a leading candidate for the ECB’s top job, which is due to become available by October 2027, Madrid had previously showed little enthusiasm for supporting him in the European horse-trading to decide the role. Instead, Prime Minister Pedro Sanchez was tending towards his former deputy Nadia Calvino, currently serving as European Investment Bank president, or former Bank of Spain Deputy Governor Fernando Restoy, sources said.

However, Sanchez has realised that Hernandez de Cos would be the only Spaniard with chances for broad support in the EU, one of the sources noted.

Hernandez de Cos was appointed as Bank of Spain governor in 2018 by the former centre-right government and had irritated Sanchez by publicly questioning some of his policies. But he is now widely seen as a front-runner for the ECB presidency, alongside former Dutch National Bank Governor Klaas Knot.

The race is set to be very competitive and other candidates are likely to emerge, one of the sources said. (See MNI SOURCES: Cheaper Oil Gives ECB Room Before Next Hike)