Spain's central bank governor, José Luis Escrivá, said Tuesday in Madrid that other euro-area governments are expected to rally in a meaningful way behind Spain's effort to secure the ECB presidency next year. "It is very good news for Spain that, for the first time, we have a candidate who, as can be seen, is among those being proposed by the heads of government," he said. He also noted the Spaniard "is not the only" person in the frame.
Spain is backing Pablo Hernandez de Cos, who leads the Bank for International Settlements and previously headed the Bank of Spain. Escrivá emphasized that his predecessor "has considerable support." The main competitor is Klaas Knot, the former chief of the Dutch central bank, and at this stage it is too early to call who holds the advantage. The prime ministers of Spain and the Netherlands both publicly backed their preferred contenders last week on the sidelines of the United Nations General Assembly in New York.
Big economic news can feel noisy, so steady planning protects your financial goals. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
Two developments have kicked the succession process into higher gear. ECB Executive Board member Isabel Schnabel said last week she will depart by early January, sharpening the focus on leadership decisions in Frankfurt. And while Christine Lagarde has repeatedly hinted at leaving early, euro-area finance ministers now have a concrete reason to speed up their deliberations. Taken together, these moves have hastened the race for the top job in Frankfurt and pushed ministers to act faster.
Keeping a clear strategy helps preserve and grow savings through changing times. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
