Spain puts forward Pablo Hernández de Cos for the post of ECB head

Spain's Economy Minister Carlos Cuerpo has backed former Bank of Spain Governor Pablo Hernández de Cos as Christine Lagarde's successor as president of the European Central Bank. Madrid is competing with the Netherlands, which is promoting former central bank chief Klaas Knot. Lagarde intends to step down on February 7 of next year.

Aziz KarimovFirst published on tafs uz 9 November 2026 at 18:341 min read

The key facts

Spain is promoting Pablo Hernández de Cos for the post of ECB president
His rival is former Dutch central bank chief Klaas Knot
Christine Lagarde has announced she will step down on February 7

Madrid names its candidate for ECB president

Spain's Economy Minister Carlos Cuerpo has backed former Bank of Spain Governor Pablo Hernández de Cos as a candidate for president of the European Central Bank, a post that will become vacant after Christine Lagarde steps down. In an interview with Euronews, Cuerpo cited the candidate's economic expertise and his reputation as someone capable of building consensus as arguments in his favor. According to the minister, these qualities make Hernández de Cos the ideal candidate for the post.

Competition with the Netherlands and the transition timeline

Madrid's candidate is competing against the claims of the Netherlands, which is promoting its former central bank chief Klaas Knot. According to Euronews, Lagarde herself has announced her intention to leave the post on February 7 of next year — meaning the new ECB president must be chosen before that date. The outlet does not report how exactly the decision will be made or whether there are other contenders besides the Spanish and Dutch candidates.