Spain Backs Hernández de Cos for ECB Presidency in First-Ever Bid

Spain has thrown its support behind Pablo Hernández de Cos, general manager of the Bank for International Settlements, to become the next president of the European Central Bank, marking Madrid’s first attempt at the eurozone’s top monetary post.

Spanish Government Moves to Back Candidate

According to Spanish newspaper Expansión, citing five sources close to the process, the Spanish government has settled on Hernández de Cos as its pick to succeed current ECB president Christine Lagarde. Sources say his team has maintained regular contact with First Deputy Prime Minister and Economy Minister Carlos Cuerpo’s office, with efforts to secure the nomination underway for months. Hernández de Cos declined to comment, while the economy ministry said Spain, as one of the eurozone’s largest economies and biggest ECB shareholders, naturally seeks a leading role in the institution’s next chapter.

A Resume Built for the Job

Hernández de Cos led the Bank of Spain from 2018 to 2024 while sitting on the ECB’s governing council throughout that period. He also chaired the Basel Committee on Banking Supervision from 2019 to 2024 before taking the top job at the BIS in July 2025. He has consistently topped economist surveys this year as the candidate best prepared for the Frankfurt role.

All or Nothing Approach

Hernández de Cos will only leave his current post for the ECB presidency itself, since any other seat on the six-member executive board would not represent an advancement from his current position. If the presidency proves unreachable, Spain would shift its support to a different candidate for another board seat. The country currently holds no seat on the ECB board after Luis de Guindos’s vice-presidency ended this year, passing to Croatia’s Boris Vujčić.

Timeline Shaped by Lagarde’s Possible Early Exit

Speculation has grown that Lagarde could leave before her term ends in October 2027, potentially to play a role in France’s 2027 presidential election. She has not ruled out an early departure, saying a European voice needs to be part of the French political debate, while also stating she is not a candidate for any position herself. Her successor will be chosen through a process where eurozone finance ministers vote on candidate lists before EU leaders make the final call. Hernández de Cos is currently considered alongside the Netherlands’ Klaas Knot and Germany’s Joachim Nagel and Isabel Schnabel.