Pedro Sanchez will finally impose on Jose Luis Escrivá as governor of Bank of Spaindespite the opposition of PPas confirmed by various sources close to the case. With this appointment, the President of the Government intends to add the Bank of Spain to the independent organisations it controls and put an end to the notice to its economic policies, which have been constant throughout the mandate of Pablo Hernandez de Cos.
The official appointment will take place at Council of Ministers next Tuesday – the last before the current acting governor’s term expires, Marguerite Delgado– but the decision will be made tomorrow, since the law requires the Minister of Economy to announce the candidate to the Congress before his appointment.
The appearance of Carlos’s body It will take place this Wednesday afternoon and, in all likelihood, Sánchez himself will announce Escrivá’s name that day, in the morning, during the opening conference of the political course at the Cervantes Institute. In this way, the new governor will be able to attend the meeting of the council of ECB Thursday, September 12.
Corps intended for the governorship to be filled by a woman, and Montserrat Martinez Pareravice president of CNMVwas the one chosen for this. However, Sánchez gave in to repeated pressure from Escrivá to be appointed governor and raised his name to torpedo the negotiations with the PP, as reported by OKDIARIO, knowing that the conservative party would never accept the appointment of a minister to head the national central bank.
“The functions of the governor are to participate in meetings of the monetary policy of the ECB and prepare reports on economic policy of the Government. And a minister who has just left the Government is going to criticize the policy in which he has participated up to now? Obviously, independence is over,” says one of the sources consulted.
In this way, the Bank of Spain joins other independent organizations colonized without consensus by Sánchez, such as the Bank of Spain. Constitutional CourtTHE State Attorney General’s Officehe Mediatorhe Court of Auditors wave CNMV.
Deputy Governor of the PSOE
Since Escrivá’s appointment was not agreed with the PP, the custom (not the law) of the opposition party appointing the deputy governor. In other words, Sánchez will also name him, barring a major surprise. In this case, everything indicates that it will be a woman: Martínez Parera or Paula Conthethe daughter of Manuel Conthewho also ran for office. The name of the deputy governor must be proposed by the governor, so we will have to wait until Escrivá takes possession of his new position to do so.
The ECB has no say in the appointment of the governor (European Central Bank), since it is an exclusively national competition. To the institution that he chairs Christine Lagarde In principle, she does not like politicians who have been part of national governments to chair national central banks, but the Spanish case is not the first: the current governors of the banks of Greece, France, Finland or Slovakia were previously ministers in their respective countries.
Escriva began his professional career in Studies Department of the Bank of Spain, which he left in 1999 due to disagreements with its director at the time, Jose Luis Malo de MolinaThis has earned him some enmity within the central bank and, for this reason, some current senior officials fear losing their positions with the appointment of the new governor, as this newspaper also reports.
