The Spanish government is proposing its economy minister, Luis de Guindos, for the post of European Central Bank vice president.

De Guindos's ministry made the announcement Wednesday, the final day for proposing candidates.

Spain has little heavy-weight presence in the main decision-making bodies of the European Union and has long been tipped to get the ECB vice presidency.

Portugal's Vitor Constancio's term in the position expires in May. The European Council will decide on his successor late March.

De Guindos, 58, is credited with helping get Spain out of a tough five-year financial crisis, when unemployment peaked at 27 percent in 2013, and turning it into one of the EU's fastest-growing economies and top job makers.