No Spaniard has ever held a European position with as much power as Pablo Hernández de Cos is the favorite candidate. The president of the European Central Bank (ECB) is directly responsible for the monetary policy of the euro zone, including decisions on interest rates, and a key figure in times of financial crisis. You just have to remember Mario Draghi and his "whatever it takes". And that position is what the former governor of the Bank of Spain can assure next week, which will be key before the formal appointment scheduled for the presidents' summit on November 26 and 27.
The diplomatic and financial sources consulted agree, almost word for word, in stating that "everything is not yet closed." There is evident optimism, of course, but the failures that Spain suffered in the past also weigh. When Luis de Guindos stated that he would obtain the position of president of the Eurogroup and did not get it, or when Nadia Calviño applied for the position and did not get it either.
Also the first vice president of the Government, Carlos Body, sought that position on two occasions and also failed, but his withdrawal on the second occasion is one of the stones that have helped cement the candidacy of Hernández de Cos. Since then, the Minister of Economy also defended that Spain would run for the most relevant positions and with the strongest names.
That of the former governor of the Bank of Spain was clear due to his resume and great reputation in the ECB, although his relationship with the Executive of Pedro Sánchez had not been the best. There were many doubts, but finally Moncloa opted for him and this Monday Corps sent a very positive message when asked about the possibilities of Hernández de Cos. And in recent days this has only been confirmed.
France's decision to resign from the position of chief economist, which will also be decided along with that of president and the Council position that Isabel Schnabel will vacate, has been key. This has allowed Germany to retain the position that is considered the true number 2 in the ECB. Paris does it because, with its high debt and high deficit, it absolutely does not want the Dutchman Klaas Knot to run the institution. They prefer Hernández de Cos, much less harsh in his monetary policy and more sensitive to the problems suffered by the French economy.
Next up, this weekend, German Chancellor Friedrich Merz will negotiate with his SPD partners who they propose to succeed Philip Lane as chief economist. The German press mentions the names of Tobias Adrian, who is closer to the CDU; and Markus Brunnermeier, who would be more in line with the socialists.
"We are talking very intensely about the appointments at the European Central Bank. There are agreements that are about to be reached, but we have not yet closed them. Therefore, we still need a few more days. And we want to present the German proposal next week," said the German chancellor yesterday in Dublin, where he traveled to participate in the informal summit of presidents.
You will have to do it, at the latest, on Wednesday, because that is the deadline that the European Council established, also yesterday, for the presentation of candidates. After this, the final decision will be made to renovate the dome, although the sources consulted insist that much of the work has been done. They even point out that, after the Dublin summit and the previous work that has been carried out, everything is very advanced. Even though President Sánchez has not traveled to Ireland. And all that's left to do is finish it next week.
