Pedro Sánchez endorses Pablo Hernández de Cos for ECB presidency

Spanish Prime Minister Pedro Sánchez has officially endorsed Pablo Hernández de Cos as a candidate to lead the European Central Bank (ECB). Sánchez described the former Governor of the Bank of Spain as an “exceptional president” who possesses the necessary leadership, capacity, and knowledge for the role.

If elected, Hernández de Cos would be the first Spaniard to lead the institution. The current presidency, held by Christine Lagarde, is set to expire before October 2027. Hernández de Cos, who currently serves as the General Manager of the Bank for International Settlements, is considered a serious contender in the race.

He is expected to face competition from other candidates, including Klaas Knot of the Netherlands and Joachim Nagel of Germany. The Spanish government’s support provides critical political and diplomatic backing for the candidacy, which seeks to restore Spain's presence in the ECB's highest governing body following the end of Luis de Guindos's term as Vice President.