José Luis Escrivá Set to Replace Pablo Hernández de Cos as Governor of Bank of Spain
The Spanish government is expected to officially announce the appointment of José Luis Escrivá, the current Minister of Digital Transformation and Public Function, as the new governor of the Bank of Spain, succeeding Pablo Hernández de Cos. Reports from Cadena Ser and sources consulted by Europa Press suggest that Escrivá's nomination will be presented at the Congress of Deputies tomorrow; however, this move has already met with opposition from the People's Party (PP).
Although Escrivá's selection does not require approval from the Council of Ministers, as it is a proposal from the President of the Government, the decision is controversial. The PP, led by Alberto Núñez Feijóo, has rejected Escrivá's candidacy, claiming it represents an unwarranted encroachment upon the Bank of Spain's independence.
In a rare custom in Spanish politics, it is traditionally expected that the ruling party appoints the governor of the Bank of Spain while the opposition party nominates the deputy governor. However, the PP has made clear that it will not support this appointment, further complicating the situation.
As the government prepares for the official announcement, it has emerged that Escrivá has previously canceled his participation in a digital association course, signaling his imminent transition. Notably, Escrivá is not new to the Bank of Spain, having served as the Deputy Director of the Monetary and Financial Studies Department in the past and also bringing extensive experience from various European financial institutions.
Particularly concerning is Escrivá's history of clashes with the Bank of Spain regarding the studies on the viability of the public pension system. Last year, he criticized their analyses as lacking sophistication, reflecting a deeper ideological rift between him and the Bank's policies.
Escrivá's background includes skillful navigation through macroeconomics and finance, having held key positions at the European Central Bank and as head of fiscal institutions in Europe. His upcoming role is historic, as he would be the first sitting minister to directly transition into the governor's position since Miguel Ángel Fernández Ordóñez did so in the 2000s.
As these events unfold, all eyes are on the Congress of Deputies, where Escrivá's name will be formally put forward. The financial sector and political realm remain on alert, as this appointment may have profound implications for Spain's economic policy and governance.
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