Spain Prepares Strong Bid for European Central Bank Leadership Role in 2025

Spain is mobilizing to maintain its influential presence on the European Central Bank's (ECB) executive board as it approaches a vacancy arising from Luis de Guindos' departure in spring 2024. Economy Minister Carlos Cuerpo confirmed that the Spanish government will present a candidate, emphasizing Spain's commitment to securing a prominent role amid upcoming leadership changes. While Cuerpo did not name the candidate, the Financial Times highlights Pablo Hernández de Cos, the current director general of the Bank for International Settlements and former governor of the Bank of Spain, as a frontrunner. Hernández de Cos is viewed as a competent and consensus candidate. Spain's urgency stems from its prior absence from the ECB executive board during a critical economic crisis, a scenario the current administration wishes to avoid repeating. Cuerpo underscored Spain's growing economic strength, noting it as the fourth largest ECB shareholder with an expected GDP growth of 2.9% in 2025, surpassing the eurozone average. Besides de Guindos' seat, three other ECB executive roles will become vacant by late 2024, with candidates from Germany and the Netherlands also in the running. Spain positions itself as a "talent pool of candidates" ready to capitalize on this opportunity to uphold its influence in shaping European monetary policy."