Feijóo backs Pablo Hernández de Cos for ECB presidency as Spain heads to a November vote
Alberto Núñez Feijóo, leader of Spain's opposition People's Party, has publicly endorsed former Bank of Spain governor Pablo Hernández de Cos to succeed Christine Lagarde at the European Central Bank, a backing that sits alongside support from the Sánchez government.
Opposition leader gives his backing
Alberto Núñez Feijóo, leader of the opposition People's Party (PP), said on Thursday, 15 October, that he supports Pablo Hernández de Cos as the next president of the European Central Bank. He made the announcement in Brussels, at a summit of the European People's Party, a venue ABC described as key to the negotiations over the post.
Opening his remarks, Feijóo described the moment facing Europe:
We are living through a very complex geopolitical moment. We need strong institutions.
He then argued that after Lagarde's good performance the bank needed a reputed economist with proven experience. Feijóo called De Cos the right person and said he had seen no better CV for the role, pointing to his record at the Bank of Spain and the Bank for International Settlements.
Pablo Hernández de Cos is the right person, I have not seen a better CV than this one.
Spanish government and the 2018 appointment
Pedro Sánchez's government had already backed De Cos before the PP announcement, with Sánchez and Carlos Cuerpo both voicing support, according to EL PERIÓDICO. ABC reports that Socialist doubts about the former governor were eventually set aside, and that the government launched his candidacy in late September, about three weeks before the PP move. EL MUNDO notes that Sánchez backs him although he does not regard him as progressive. De Cos was appointed Bank of Spain governor in 2018 by the government of Mariano Rajoy, a background EL MUNDO cites to explain the PP's support as expected. Spain's general election is scheduled for 29 November, and ABC warns that a delay in forming an effective government until early 2027 could weigh against the country's chances.
Lagarde's exit and the competing candidates
EL PAÍS reports that Lagarde has almost a year left in her mandate but has left the door open to an early exit. EL MUNDO lists the ECB board seats that fall vacant next year: Lagarde's, that of Philip Lane, that of Isabel Schnabel and, if Klaas Knot enters, that of Frank Elderson. Knot, who is Dutch, says he has the backing of the German government, and EL MUNDO says economists rank him and De Cos among the favourites. Spain has had no representative on the executive board since Luis de Guindos left in May, and a Spanish ECB president would be a first, according to ABC.
- Pablo Hernández de Cos is appointed Bank of Spain governor by Mariano Rajoy's government
- Luis de Guindos leaves the ECB executive board, leaving no Spaniard on it
- Alberto Núñez Feijóo announces his support for De Cos at the EPP summit in Brussels
- Spain's general election, as scheduled according to ABC
What happens next
ABC says the PP backing means the candidacy will be pushed regardless of the result of the 29 November vote. The next ECB president emerges from an agreement among euro-area countries, which is why ABC describes the Brussels lobbying as a central part of the process. The candidacy window is open this month.
