Spain is among the candidates for the ECB leadership

BrusselsEconomy Minister Carlos Cuerpo put himself forward in July to preside over the Eurogroup—the monthly meeting of finance ministers from the European Union governments—although he was considered an underdog from the start. One of the arguments for taking on such an endeavor, where failure was almost certain, was the visibility it would give Cuerpo and send a message about Spain's high aspirations to influence EU institutions. Now, with Paschal Donohoe's resignation as Eurogroup president, the Spanish minister had a new opportunity, but he has decided not to try, even though the situation is similar to that of... the failed attempt last summer

La Moncloa is now aiming higher. Despite the prestige conferred by the Eurogroup presidency, it is an organization that has been losing relevance in recent years, and the Spanish government prefers to stake everything on one card: the positions that will become vacant at the European Central Bank (ECB). The current vice-president of the institution is the Spaniard and former Minister of Economy under Mariano Rajoy, Luis de Guindos, and Cuerpo has already indicated that La Moncloa intends to maintain a highly influential position at the ECB.

This Thursday, in an interview with the EFE news agency, Cuerpo stated that Spain wants a "relevant role" on the ECB's executive board and believes it deserves it due to Spain's strong macroeconomic data and because it is the fourth largest economy in the eurozone. "Several positions on the ECB's Governing Council are opening up, and they should all be considered together," the Minister of Economy added.

By the end of next year, four of the six positions on the financial institution's executive committee will become vacant. The first, in May, is De Guindos's, followed by the presidency, currently held by Christine Lagarde, and the positions of the two chief economists. Although there are still months to go, speculation has already begun.

Balance of power

One of the names being mentioned most frequently is that of the president of the Bundesbank, the Social Democrat Joachim Nagel. It works in his favor that Germany, despite being the largest economy in the eurozone, has never held the presidency of the ECB, but it reduces his chances that the presidency of the European Commission is already in the hands of a compatriot, Ursula von der Leyen. According to the newspaper Financial TimesAlso well-positioned is Dutchman Klaas Knot, former governor of the Netherlands Bank. Pablo Hernández de Cos, from Madrid, is also under consideration. He has worked as an economist, researcher, and advisor at the ECB, and was governor of the Bank of Spain. According to the same newspaper, he "meets all the requirements," although the other two are already "maneuvering" to fill Lagarde's position. Furthermore, Spain already has two high-ranking officials in European institutions: Teresa Ribera is the number two at the European Commission, with the portfolio for Competitiveness and Net Transition, and Nadia Calviño chairs the European Investment Bank (EIB). However, it would be unusual for an economy like Spain's, which is in a good place, will be left without any representative on the ECB's executive committee after De Guindos' departure.

Another new factor in the EU is that the Baltic states, which are increasingly important to the eurozone economy, and Finland are beginning to assert their influence in key positions at the ECB. Latvia has already openly stated its intention to secure a seat on the ECB's executive board, and Finland has put forward its central bank governor, Olli Rehn, a former EU commissioner. Furthermore, Croatia is also keen to have its governor, Boris Vujcic, considered for the position, according to [source missing]. Financial Times.