Spain nominates former central bank head De Cos for ECB presidency, Deputy PM says

Spain has nominated Pablo Hernandez de Cos, its former central bank governor, to lead the European Central Bank after Christine Lagarde, Business Recorder reported on Friday, citing a letter reviewed by Reuters. The nomination was conveyed by Deputy Prime Minister Carlos Cuerpo to Eurogroup president Kyriakos Pierrakakis.

Cuerpo said de Cos had shown leadership and a commitment to transparency while heading the Bank of Spain. De Cos is regarded as one of the leading contenders, alongside former Dutch central bank chief Klaas Knot. The report describes Spain’s choice, but does not say whether the ECB has opened a formal selection process or when a successor will be chosen.

The nomination brings a named candidate into consideration for the ECB presidency as Lagarde’s departure is reported. For investors following central-bank leadership and international markets, the development is relevant because it concerns the future head of the European Central Bank.