Pedro Sánchez appoints José Luis Escriva as governor of Bank of Spain
(MENAFN) Spanish Prime Minister Pedro Sanchez has appointed his close ally, José Luis Escrivá, as the new governor of the bank of Spain, a decision announced by Spanish Economy Minister Carlos Cuerpo on Wednesday. Escrivá will take over the position from Pablo Hernández de Cos, whose term concluded in June. Cuerpo described Escrivá as the "ideal candidate" for the role, highlighting his extensive experience and qualifications.
The appointment of Escrivá comes after prolonged discussions between Sanchez's leftist government and the conservative Popular Party, which had delayed the selection process. Traditionally, the appointment of the central bank governor in Spain is a collaborative effort between the ruling government and the opposition party, with the latter selecting the deputy governor. The move to appoint a current minister to this position is unprecedented, as such roles are typically filled by prominent economists or technocrats in other European countries.
Escrivá, 63, has a robust background in finance, beginning his career in the research department of the Bank of Spain, before advancing to roles at the European Central Bank and BBVA, Spain's second-largest private bank. He joined Sanchez’s government in 2020 as the Social Security Minister, focusing on pension reform, and later took on the role of Digital Affairs Minister. Despite his qualifications, Escrivá's appointment has generated controversy. Alberto Núñez Feijó, leader of the Popular Party, criticized the appointment, arguing that it undermines the independence of the Bank of Spain.
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