Hernández de Cos and the role of Spain in the ECB's renewal
The country needs a voice that represents its sensitivity at the top of the central bank in the face of a potentially very unstable environment.
In the spring of 2012, during the midst of Spain's financial crisis implosion and as the euro teetered on the brink of collapse, Spain lost its sole representative on the ECB's executive committee. The fourth-largest economy in the eurozone had gone nearly eight years without a permanent member at the helm of Europe's most crucial economic institution before Luis de Guindos took on the role of vice-president in 2018.
Although his tenure has now ended, Spain may choose to seek three seats on that seven-member committee in 2027. For the first time since the birth of the single currency, a Spanish candidate holds real chances of being elected the head of this committee. Prime Minister Pedro Sánchez was the first head of government to put forward his candidate, Pablo Hernández de Cos. Soon after, his main rival, Klaas Knot, also received the backing of his Dutch-executive.
Written by urgent.news from El Pais Economia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
