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

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

MADRID, Nov 6 (Reuters) - Spain on Friday ‌said it had put forward former central bank chief Pablo Hernandez de Cos as a candidate ​to succeed ‌Christine Lagarde as president of the European Central Bank, according ‌to a letter seen by Reuters.

Spanish Deputy Prime Minister Carlos Cuerpo said in a letter sent to Eurogroup president Kyriakos ‌Pierrakakis that he was "confident" that De Cos would bring to the ECB the same steady hand and inspiring leadership he demonstrated at the Bank of Spain during his 2018-2024 tenure.

Euro zone governments had ⁠to put forward their candidates to replace Lagarde by Friday ‌and euro zone finance ministers ⁠will take stock of the process at their regular meeting on ​Monday.

De Cos, who is currently the general manager of the Bank for International Settlements (BIS), is widely seen as one ​of the leading candidates for the job, together with former ​Dutch ‌central bank chief Klaas Knot.

Cuerpo, who is also Spain's economy minister, ​said that with nearly three decades of experience in central ⁠banking, De Cos combined an "exceptional knowledge" of ‌economic, fiscal ​and monetary policy with "extensive expertise" in international ​banking and financial stability.

As Bank of Spain governor, he also chaired the Basel Committee on Banking Supervision as well as the Advisory Technical Committee of the European Systemic Risk Board, ‌where he earned a "reputation for technical rigour (...) and the ability to unite teams and build consensus," Cuerpo said.

The policymaker had also ‌demonstrated his ​independence and "steadfast commitment to the ECB mandate", as well as his "ability to communicate clearly with markets, traits I believe are all invaluable to the position of President of the ECB," Cuerpo said in ‌the letter.

(Reporting by Jesús Aguado; editing by Charlie Devereux)