Politics · Spain · 3 hrs ago
Pablo Hernández de Cos enters race to lead European Central Bank
Pablo Hernández de Cos is being considered to lead the European Central Bank, which sets monetary policy for the eurozone.
The former governor of Spain’s central bank is among two leading contenders identified by Eurogroup president Kyriakos Pierrakakis, alongside Dutch candidate Klaas Knot.
Spain has never held the ECB presidency, a role created in 1998, and current president Christine Lagarde’s term is due to end in 2027.
Both Prime Minister Pedro Sánchez and opposition leader Alberto Núñez Feijóo support De Cos, an unusual show of agreement that could strengthen his bid.
Germany is seeking to keep a seat on the ECB’s executive board for Isabel Schnabel, rather than pursue the presidency for a German candidate.
EU leaders may begin deciding the appointments in December, depending on whether Lagarde leaves early and on other vacancies.
The first deadline is October 28, when EU countries must submit candidates to replace Schnabel; a decision on the ECB’s next president is expected later.
Pablo Hernández de Cos has entered the race to become the next president of the European Central Bank, according to El Mundo.
The Eurogroup president, Kyriakos Pierrakakis, is discussing the race informally with eurozone finance ministers.
El Mundo reported that the main contenders currently seen by Pierrakakis are Hernández de Cos and Dutch central bank governor Klaas Knot.
Hernández de Cos has the backing of Spanish Prime Minister Pedro Sánchez and opposition leader Alberto Núñez Feijóo.
The race concerns the succession of Christine Lagarde, whose term is due to end in 2027.
- Who
- Pablo Hernández de Cos, former governor of the Bank of Spain, is being considered for the ECB presidency.
- What
- He has entered the race to succeed Christine Lagarde as president of the European Central Bank.
- When
- The selection process is expected to come into focus in December 2026.
- Where
- The contest is within the European Union and involves eurozone leaders and ministers.
- Why
- Lagarde’s term is due to end in 2027, and the sources report that Spain is seeking the presidency for one of its nationals.
This story does not have two clearly opposing sides.
Alberto Núñez Feijóo supported Hernández de Cos at a meeting of European People’s Party leaders in Brussels.
El Mundo reported that Pierrakakis was including Hernández de Cos in the race and holding informal talks with eurozone finance ministers.
The deadline is due to expire for EU candidates to replace ECB executive board member Isabel Schnabel.
Lagarde may decide whether to accept the role of president of the World Economic Forum, according to El Mundo.
EU leaders are expected to consider appointments to ECB positions, including the presidency.
- Candidates
- Pablo Hernández de Cos and Klaas Knot
- Spanish backing
- Pedro Sánchez and Alberto Núñez Feijóo
- Current ECB president
- Christine Lagarde
- Lagarde’s term
- Due to end in 2027
- Schnabel replacement deadline
- 28 October 2026