The Minister of Economy, Trade and Enterprise, Carlos Body, announced to the Congress of Deputies the candidacy of José Luis Escrivá for the position of Governor of the Bank of Spain for a non-renewable term of six years, according to the procedures established in Article 24.1 of the Law of Autonomy of the Bank of Spain. He comes to power after the failure of a negotiation between the PSOE and the PP in which, finally, the socialists ended up imposing the appointment of Escrivá and the PP rejected this proposal. “We consider him to be the ideal candidate,” said the Minister of Economy.
The current Minister of Digital Transformation and Civil Service will be the first minister to go directly from the Council of Ministers to the position of governor, replacing Pablo Hernández de Cos, who had held the position for six years.
Once Escrivá’s name is proposed, President Pedro Sánchez will propose Escrivá’s name to the king and will be the new governor upon publication in the Official State Gazette (BOE).
Body has confirmed his technical capacity, experience and knowledge of European institutions to lead the Bank of Spain in this new stage. On the proposal of President Sánchez, the Government hopes that Escrivá will be up to the task, valuing his extensive experience in the banking sector, in the foundation of the Independent Authority for Fiscal Responsibility (AIReF) and in two ministries. “He has a broad and proven track record,” Body said.
He arrives to analyze monetary policy within the Governing Council of the European Central Bank (ECB), advance banking integration, safeguard financial stability, analyze the Spanish economy or design useful policies for society through his research department. The head of the Ministry of Economy announced that Spain will already have Escriva present at the next meeting in which a new cut in interest rates will be decided.
The first task of the new governor will be to designate your ‘squire’ name in the regulatorthe person who will occupy the position of deputy governor of the institution, as explained in article 24.2 of the Autonomy Law of the Bank of Spain. She will replace Margarita Delgado, vice-governor of Hernández de Cos and interim governor during the last months of the “impasse”.
