Spain Backs De Cos for ECB Chief Amid Shift in Momentum

Spain's central bank governor, José Luis Escrivá, believes his countryman and ECB contender, Pablo Hernandez de Cos, will receive serious backing from other euro-area countries to succeed European Central Bank President Christine Lagarde next year.

Escrivá made the statement on Tuesday in Madrid during an event where he discussed the support for de Cos' candidacy. The governor stated that it was 'very good news for Spain' that they have a candidate who is among those proposed by heads of government, indicating a shift in momentum towards de Cos.

While Escrivá's comments are positive, there has been no official endorsement from other countries at this point. De Cos would need to secure the support of multiple governments and central banks before being considered for the top ECB position.