According to Spanish economic newspaper Expansión, which cites five sources close to the process, the Spanish government has chosen Pablo Hernández de Cos, general manager of the Bank for International Settlements and former Bank of Spain governor. When the time comes, Spain will put forward a candidate who is up to the task, and we will provide an update. Hernández de Cos' credentials are hard to dispute. The sources flatly reject that account stating that the economy ministry has always regarded him as Spain's only real card for the presidency and an opportunity that cannot be allowed to slip. Should the presidency prove out of reach, Madrid would switch to a different candidate to secure another seat.