Spain formally nominates Pablo Hernández de Cos to succeed Lagarde at the ECB

Formal submission

Spain's government announced on Friday, 6 November, that it had formally put forward Pablo Hernández de Cos as its candidate for the presidency of the European Central Bank. Economy minister Carlos Cuerpo sent the nomination by letter to Eurogroup president Kyriakos Pierrakakis, using the window euro area members had opened for proposing names. LaVanguardia reports that the letter went in on the last day of that window. El Periódico called the step a formality, since the Spanish candidacy had already been expected. Cuerpo, who is first vice president of the government, will also lead Spain's talks with the other member states.

Candidate background

Hernández de Cos currently heads the Bank for International Settlements as its general manager, according to the ministry. Between 2018 and 2024 he was governor of the Banco de España, and in that role he sat on the ECB's Governing Council and General Council. His career of three decades began in the economics department of the Banco de España, and he later worked as an adviser to the ECB's Executive Board in Frankfurt. He has chaired the Basel Committee on Banking Supervision and the advisory technical committee of the European Systemic Risk Board, and he holds a doctorate in economics from the Complutense University of Madrid.

Cuerpo's statement praised the candidate in direct terms.

“Pablo Hernández de Cos is an exceptional candidate, with international standing and a career that demonstrates leadership, independence and capacity for dialogue.”

Succession and timetable

Christine Lagarde submitted her resignation in late October, effective February 2027, which opened the race for her post. The selection involves several steps: member states propose names, the Eurogroup agrees on one candidate, and the European Council adopts a recommendation after consulting the European Parliament and the ECB's Governing Council. Both bodies then issue an opinion, and the European Council takes the final decision. Euro area finance ministers will review the candidacies at their Eurogroup meeting on 9 November, the day Cuerpo is due to negotiate with other EU countries.

The process is expected to conclude by mid-December, and the name could be officially announced at the EU leaders' summit on 17 and 18 December. The Dutch government reportedly intends to put forward Klaas Knot, former president of De Nederlandsche Bank, but so far that is the only candidacy known beyond Spain's. El Mundo reports that Hernández de Cos has explicit backing from both the Partido Socialista and the Partido Popular, and describes him as a consensus choice.