France supports Spain for ECB presidency

France has signaled it may back Spain’s candidate Pablo Hernandez de Cos to succeed Christine Lagarde as European Central Bank president, reshaping the race to lead the eurozone’s most powerful financial institution. The contest opened after Lagarde announced she would leave the post, and Paris’s tentative support for the Spanish nominee has revived negotiations over the appointment. The ECB presidency is one of the most consequential roles in global finance, setting interest rates for the 20-nation euro area. De Cos, currently Spain’s central bank governor, would need broad backing from eurozone governments and EU leaders. What to watch next is whether France formalizes its support and whether other major capitals, particularly Germany, rally behind de Cos or push an alternative candidate.