FRANKFURT — Outgoing European Central Bank Vice President Luis de Guindos has made a forceful case for Spain to secure a seat on the ECB’s powerful Executive Board, arguing that the eurozone’s fourth-largest economy cannot be left without a voice in the bloc’s monetary policy decisions .

In an interview with Spanish newspaper El País published on Sunday, de Guindos—who departs at the end of May—acknowledged that Croatia’s Boris Vujčić will temporarily replace him, leaving Spain without a national representative on the six-person board .

However, he quickly pivoted to the upcoming leadership shakeup, noting that three board seats will open up next year, including the presidency currently held by Christine Lagarde .

“The presidency would undoubtedly be the best outcome, but the most important thing is to have a seat on the Executive Board. Spain is the fourth‑largest economy in the euro area, and I am convinced it will secure a seat on the Board.”

— Luis de Guindos, Outgoing ECB Vice President

De Guindos’s intervention comes as Madrid prepares a diplomatic offensive to maintain its influence in Frankfurt. While technically all 21 eurozone members can compete for board seats, the bloc’s four largest economies—Germany, France, Italy, and Spain—have historically dominated the executive body, often to the exclusion of smaller member states .

🗳️ Who Could Be Spain’s Candidate?

ECB watchers have already begun speculating about potential Spanish contenders for the 2027 vacancies. The list includes former Bank of Spain Governor Pablo Hernandez de Cos—often cited as a candidate for the top job—alongside current Governor José Luis Escrivá, European Investment Bank President Nadia Calviño, and Economy Minister Carlos Cuerpo .

De Guindos stopped short of endorsing any specific name, stating only that de Cos “was a good governor” . His comments were released just days after the ECB formally confirmed that Vujčić would take over as Vice-President on June 1, 2026, serving a non-renewable eight‑year term .

⏳ Timing of the Transition

The coming changeover is noteworthy because it overlaps with a generational shift in European leadership. With Lagarde expected to step down in 2027, the race for the ECB presidency is intertwined with the broader contest for key EU posts following the 2026 European Parliament elections . The final appointments will ultimately be decided by the European Council, making the outcome as much a matter of political horse‑trading as economic credentials .

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