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France signals support for Spain’s ECB presidential candidate de Cos, FT reports - Finance news and analysis from Global Banking & Finance Review
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France signals support for Spain’s ECB presidential candidate de Cos, FT reports

Published by Global Banking & Finance Review

Posted on November 12, 2026

1 min read

· Last updated: November 12, 2026

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France Signals Backing for Spain’s ECB Presidential Candidate de Cos

France’s Support and the ECB Presidential Succession

France’s Indication of Support

Nov 12 (Reuters) - France has signaled it may support Spain's nominee Pablo Hernandez de Cos to succeed Christine Lagarde as European Central Bank president next year, the Financial Times reported on Thursday, citing four people with knowledge of the matter. 

Verification of the Report

Reuters could not immediately verify the report.

Upcoming ECB Leadership Changes

Replacement of Key ECB Figures

Euro zone leaders are set to pick a replacement for ECB President Christine Lagarde — who said last month she will step down on February 7 — and two other key board members, Isabel Schnabel, who heads market operations, and Chief Economist Philip Lane, in the coming months. 

Candidates for ECB President

Spain’s Nominee: Pablo Hernandez de Cos

Only two candidates for the top job have been put forward. Spain nominated Pablo Hernandez de Cos, the General Manager of the Bank for International Settlements, and the Netherlands nominated Klaas Knot, its former central bank chief.

(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Christopher Cushing)

Key Takeaways

  • France’s support would bolster Spain’s candidate in the race to succeed Lagarde at the ECB, signaling shifting alliances ahead of the vote. (lemonde.fr)
  • Pablo Hernández de Cos brings deep institutional experience: former Bank of Spain governor (2018–2024) and current BIS general manager since July 2025. (bis.org)
  • His main rival is Klaas Knot, ex‑head of De Nederlandsche Bank (2011–2025), representing the Netherlands and seen as a technically solid but ideologically firmer candidate. (nos.nl)

References

Frequently Asked Questions

Who is France reportedly supporting for the next ECB president?
France may support Spain's nominee, Pablo Hernandez de Cos, to succeed Christine Lagarde as ECB president.
Who are the main candidates to replace Christine Lagarde as ECB president?
The main candidates are Pablo Hernandez de Cos from Spain and Klaas Knot from the Netherlands.
When is Christine Lagarde expected to step down as ECB president?
Christine Lagarde has stated she will step down as ECB president on February 7 next year.
Which key ECB board members are also being replaced soon?
Isabel Schnabel, who leads market operations, and Chief Economist Philip Lane are also set to be replaced.
What source reported France's support for Spain’s ECB nominee?
The Financial Times reported France’s potential support, citing four people with knowledge of the matter.

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