Editorial: El Mundo

• The end of Pablo Hernández de Cos' term marks the closure of a period of autonomy, rigor, and transparency at the Bank of Spain.
• The institution was able to recover its prestige and independence, regardless of impacts like Covid and inflation, and the institutional deterioration caused by the Sánchez government.
• Hernández de Cos has been firm and clear in his decisions, often in contradiction with the Government.
• In his farewell, Hernández de Cos calls for ambition and large political agreements to face upcoming challenges.
• Spain and Europe risk being left behind in an era of uncertainty and transformations.
• The successor to Hernández de Cos has not yet been appointed by the Government.
• Traditionally, a new professional and consensus-based profile is expected to be chosen alongside the PP.
• Currently, the Bank of Spain is in an interim situation, which disrupts its operation and causes Spain to temporarily lose its vote in the ECB.

Conclusion: Hernández de Cos has led the Bank of Spain with rigor and transparency, calling on his farewell for strong political agreements. The absence of a successor adds uncertainty and disrupts the normal operation of the institution.

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