Spain nominates Pablo Hernandez de Cos for ECB presidency

Current ECB President Christine Lagarde, who announced that she would leave her post last week, is preparing to hand over her seat in February next year, approximately 9 months before the end of her normal term.

While it was a matter of curiosity who would be Lagarde's successor after her decision to leave early, the second official move after the Netherlands came from Spain.

The Spanish government conveyed its candidacy decision to Eurogroup President Kyriakos Pierrakakis in a letter sent today.

Spanish Deputy Prime Minister Carlos Cuerpo described De Cos, who is the general director of the Basel-based BIS, as a candidate who stands out with his "firm stance and inspiring leadership."

The Dutch government announced on October 4 that it had nominated former Dutch Central Bank Governor Klaas Knot, who has extensive experience in monetary policies, for the ECB presidency.

The German government will participate in the process

It is noteworthy that no German citizen has ever held the presidency of the ECB, whose headquarters is in Frankfurt.

However, it is certain that Germany will nominate candidates for vacant positions on the ECB Board of Directors.

Making a statement in Berlin, German Government Spokesperson Stefan Kornelius stated that there will be many opportunities to create a comprehensive candidate table during the European consultations to be held in the coming weeks and months, and added: "The German government will also participate in this process." he said.

Lagarde's resignation offers European heads of state and government an opportunity to resolve the succession issue at the ECB summit ahead of spring elections in France. This development also paves the way for a comprehensive package solution that includes other leadership positions that will become vacant next year.

In this context, this seat will be vacant when Isabel Schnabel, the German member of the ECB Executive Board, will move to the International Monetary Fund (IMF) at the beginning of January 2027.

In addition, the position of Chief Economist will become vacant in 2027 when the term of office of Irishman Philip Lane expires on May 31.

The nomination process of Eurozone countries will continue until November 7.

The candidates submitted by member countries will be discussed at the meeting of Eurozone finance ministers to be held on November 9.

Lagarde's successor will be officially appointed by European Union (EU) leaders, on the advice of Eurozone countries.