By Marta Vilar – MADRID (Econostream) – Spanish Prime Minister Pedro Sánchez said Wednesday that he supports Bank for International Settlements General Manager Pablo Hernández de Cos as a candidate to succeed Christine Lagarde as president of the European Central Bank.

“Of course, he has my support,” Sánchez told Bloomberg TV. “He has the leadership, also the capacity and the knowledge.”

Sánchez said it would be “very positive” both for Spain and for Europe if de Cos were to become the ECB’s next president.

De Cos, a former governor of the Banco de España, is among the names being discussed as potential successors to Lagarde when her eight-year term expires in October 2027.

Sánchez’s comments come as the race for the ECB presidency begins to take shape, with governments starting to signal their preferred candidates ahead of the eventual nomination process.

They also follow reports from German financial daily Handelsblatt suggesting that Deutsche Bundesbank President Joachim Nagel is unlikely to secure the German government’s nomination for the ECB presidency.

Alongside de Cos, former De Nederlandsche Bank Governor Klaas Knot has also received the backing of his government for the position.

The ECB president is appointed by EU leaders for a non-renewable eight-year term, following consultation with the European Parliament and the ECB’s Governing Council.