Government steps up fight to chair ECB for first time

This May 31, the mandate of Luis de Guindos and Spain will find itself without representation on the executive committee, the supreme management body of the monetary institution. Later in 2027, they will also leave office, at the end of their term, Philip R. Lane (who is also chief economist), President Christine Lagarde and Isabel Schnabel. In total, four positions will have to be renewed within two years, including that of president.

Although Carlos’ body He was never categorical about the possibility that Spain would choose to chair the ECB, which never happened. The truth is that his statements suggest that what he is doing is beginning to fuel the fight for office with the rest of the countries. Financial sources emphasize that this is a unique opportunity for our country to occupy this position and to do so, in addition, with a candidate of great value like former governor Pablo Hernández de Cos, who is already in the pool in financial circles.

However, the election of those who will occupy each of the four vacant positions are not independent elements but are part of a whole since the executive committee remains a political expression of the countries. Financial sources indicate that Germany, France and Italy They always each have a position within the committee, Spain also generally has a position and then there are the other countries that rotate. This is a political game in which all countries, especially the larger ones, want their share of the pie.

In this case, the choice of the new vice president will influence everything else. In the banking sector, they believe that it would be logical if the position was now occupied by a small country and that the presidency once again went to one of the four largest. The name that comes out will determine the three other vacancies, each in its own right. And Corps knows it: “The decisions that are made during this first step, with the selection of the new vice president, must be made with this overall vision,” he said.

“Spain is the fourth shareholder of the bankis currently at the forefront of growth at European level and must occupy the space that corresponds to it”, insisted the Spanish minister. He did not want to get involved in a candidate or a name in particular, knowing that the profiles can change depending on whether one applies for one position or another. In fact, the Spaniards who have been nominated are De Cos for the presidency, and the Corps itself and the former minister and current president of the European Investment Bank (EIB) Nadia Calviño for the position of Philip Lane, who holds the position of chief economist Everything therefore indicates that Spain will only definitively reveal its cards when the position of vice-president is filled. Thus, the Minister of Economy has been giving some clues for weeks but without closing any doors.

Political importance

Either way, the race for the presidency will be very long and fear is starting to spread in the banking sector that Spain will lose due to the general elections. The elections, if they are not anticipated, will come at the worst time to compete for first place in the ECB, because until then, all the efforts of the PSOE and PP They will focus more on winning over voters.

Likewise, some voices are already being heard in the financial sector who are preparing to start putting pressure on the PP in the event of early elections and electoral reversal to make it clear, in this case, to its economic director Alberto Nadal, the importance of running for the presidency of the ECB.