The Government has decided to appoint the Minister José Luis Escriva as new governor of the Bank of Spainas confirmed by sources close to the negotiations with EL ESPAÑOL-Invertia. Carlos Body, Minister of Economy, will present the candidacy this Wednesday to the Economy Commission of the Congress of Deputies.
Prior to his current responsibility in charge of Digital Transformation and Public Service, Escriva had been Minister of Inclusion, Social Security and Migration in the first coalition executive of Sánchez, responsibility under which he reformed the public pension system. Previously, he had held the position of president of the Independent Authority for Fiscal Responsibility (AIReF) elected by the PP.
Despite the latter, the The owner is not appreciated by the Popular Partywho refused to elect the new vice-governor so as not to legitimize the “colonization” of another state institution by the government of Pedro Sánchez. The popular consider that moving from the seat of the ministry to that of the Bank of Spain destroys the independence of the regulator.
In recent days, it has emerged that Escrivá was the only candidate that the executive was managing for the position of supervisor. In fact, Negotiations have not made any progress for some time now. for this effort of the socialists.
And although They rushed the pazos almost to the maximum — Margarita Delgado’s term as deputy governor expires on September 10, the same day she will cease to act as interim governor in his absence — the decision had already been made. Escrivá’s transfer to the Bank of Spain will generate a government crisiseither to choose a successor or to integrate the Digital Transformation and Public Service skills into other portfolios.
The appointment of the new governor does not necessarily have to be approved by the Council of MinistersSince it is produced on the proposal of the President of the Government, it should not be published in the Official Gazette until Escrivá ceases to be a minister. This presentation of the Body to Congress for information purposes will also take place this Wednesday.
Pending the official announcement, the minister last week cancelled his participation in a course that the digital association Ametic is organising this week in Santander.
Study program
A graduate in Economics from the Complutense University of Madrid (UCM), Escriva He began his career at the Bank of Spainwhere he held various positions in the Research Department. He then made the big leap to Europe, where he has actively participated in the monetary integration process since 1993 as an advisor to the European Monetary Institute.
With the creation of the Monetary Union, he was appointed Head of the Monetary Policy Division of the European Central Bank (ECB), an institution based in Frankfurt (Germany). Between 2012 and 2014, he was Director for the Americas of the Bank for International Settlements (BIS), located in Basel (Switzerland).
Between 2004 and 2012 he worked at the BBVA groupfirst as Chief Economist and Director of the entity’s Research Department and, from 2010, as Director General of the Public Finance Area.
It is because of this resume that in no case has his technical suitability for the governorship been questioned. The problem, as the opposition and the organization itself have pointed out, is the time spent by Escriva in government, which, for critics, compromises your independence in front of the supervisor.
Disagreements
During the last legislature, José Luis Escriva has been involved in several disagreements with the Bank of Spainespecially regarding the sustainability of the public pension system. The differences between Escriva and the institution emerged when the organization’s studies indicated the need for reforms contrary to those proposed by the executive.
In May 2022, Escriva openly criticized the Bank of Spain’s analysis, calling it “lacking sophistication.” and ensuring that they did not provide “any new information” on the future of pensions. These statements generated tensions between the Minister of Social Security at the time and the central bank.
Despite his experience in the economic field, the confrontation with the Bank of Spain reflects the difficulties in aligning government policies with the recommendations of independent institutionsToday, as the new governor, Escriva faces the challenge of reconciling these differences and maintaining the regulator’s independence and prestige.
