Spain has put forward former Bank of Spain chief Pablo Hernandez de Cos to succeed Christine Lagarde at the European Central Bank. Euro zone finance ministers will take stock of the process on Monday.
Spain nominated Pablo Hernandez de Cos on Friday as its candidate to succeed Christine Lagarde as president of the European Central Bank, according to a letter seen by Reuters. De Cos led the Bank of Spain until 2024.
Euro zone governments had until Friday to put forward candidates for the post. Finance ministers will review the process at their regular meeting on Monday.
Madrid pitches De Cos as a steady hand
Spanish Deputy Prime Minister Carlos Cuerpo wrote to Eurogroup president Kyriakos Pierrakakis that he was confident De Cos would bring to the ECB the same steady hand and inspiring leadership he showed at the Bank of Spain during his 2018-2024 tenure. Cuerpo, who is also Spain's economy minister, said De Cos has nearly three decades of experience in central banking.
Cuerpo argued that De Cos pairs knowledge of economic, fiscal and monetary policy with expertise in international banking and financial stability. He also pointed to De Cos's roles as chair of the Basel Committee on Banking Supervision and of the Advisory Technical Committee of the European Systemic Risk Board.
According to Cuerpo's letter, De Cos has shown independence and a "steadfast commitment to the ECB mandate". Cuerpo added that he can communicate clearly with markets.
De Cos and Knot named among leading candidates
De Cos is currently general manager of the Bank for International Settlements. Reuters describes him as widely seen as one of the leading candidates, together with former Dutch central bank chief Klaas Knot.
Source: Reuters via Investing.com
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