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Calvino remains as Sanchez's first deputy prime minister and top economic expert.

A statement issued by the Fund's steering committee chair, Spanish economy minister Nadia Calvino, also called for proposals to change the Fund's shareholding formula by June 2025.

"There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers.

The front-runners among the five candidates to replace him are Denmark's Margrethe Vestager, a liberal European Commission vice president in charge of the key competition portfolio, and Spain's socialist Finance Minister Nadia Calvino.

STC contacted the Spanish government on Tuesday to let them know about the stake and that they did not want to take control, Spain's acting Economy Minister Nadia Calvino said.