José Luis Escriva has already made his public debut as the new governor of the Bank of Spain. In his inaugural speech, until a few weeks ago, the minister indicated that one of his priorities after obtaining the position of supervisor was to reform the Bank of Spain’s autonomy lawwhich dates back to 1994.
“It seems reasonable to think about the convenience of introduce changes“, stressed the new governor. In this way, Escriva reported that, in its first meeting within the Governing Council of the supervisor, it was decided to create a working group to systematize and shape the reflections on said reform.
In his speech, the governor stressed the importance of strengthening the independence of the Bank of Spainas well as transparency and accountability; both, he stressed, “go hand in hand.” Indeed, Escriva explained that the independence of the evaluations “will be strengthened,” while the evaluation office will depend directly on the Government Council.
Before his speech, his predecessor in office spoke, Pablo Hernandez de Coswho believed that “maintain rigor and independence, success [del nuevo gobernador] is guaranteedbecause each of your successes will be ours.
De Cos also said he felt “sincerely proud” of the work done during his term, in which he tried to make the supervisor gain “relevance” inside and outside Spain.I wish the new governor the best.“As a European, a Spaniard and a member of the Bank of Spain, I wish you vision, success and a favourable environment,” concluded the governor of the supervisor between 2018 and 2024.
Escrivá specifically referred to the previous governor and stressed that he maintains “a very fruitful relationship”built over more than 25 years. In this sense, the former minister assured that he had worked “intensely” on the dissemination of the supervisor’s analyses, which led to “an undeniable improvement in prestige” of the Bank of Spain.
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