New Leadership Changes at the Bank of Spain: David López Salido and Galo Nuño Appointed

The Bank of Spain is undergoing significant leadership changes with the recent appointment of David López Salido as the new Director General of Economics. López Salido joins the Bank from the Federal Reserve of the United States, where he has been since 2006. His appointment follows the resignation of his predecessor, Ángel Gavilán, in May. While Gavilán's departure was officially attributed to his search for new professional opportunities, some reports speculated about possible disagreements with Spanish Social Security and Inclusion Minister José Luis Escrivá regarding the institution's annual report—a claim that Escrivá has denied and that Gavilán has not confirmed. López Salido, who will assume his new role on October 1, currently serves as the deputy director in the Monetary Affairs Division at the Federal Reserve. His academic credentials include a PhD in Economic Sciences from the Complutense University of Madrid and the Center for Monetary and Financial Studies (CEMFI). He has also published extensively in the fields of monetary policy and macroeconomics, positioning himself as a strong candidate for leading the Bank's economic initiatives. In addition to López Salido's appointment, Galo Nuño has been appointed as the new Director General of Institutional European and Transparency Relations. Nuño was previously the deputy director of Economics at the Bank of Spain and holds a doctorate in Telecommunications Engineering from the Polytechnic University of Madrid, as well as a Master's degree in Engineering from Stanford University. His vast experience includes roles at the European Central Bank (ECB), the Bank for International Settlements (BIS), and the Bank of Spain. The appointments are part of the institution's effort to select senior officials through an expression of interest procedure, initiated on May 21 and concluding on June 13, which garnered over twenty applications from both internal and external candidates. Following the selection process, López Salido was nominated for the position of Director General of Economics, while Nuño was proposed for his new role as the Director General of Institutional Relations after the prior director's position became vacant. The governing council of the Bank of Spain has also agreed to initiate a new expression of interest to fill the vacancy for the Deputy Director General of Economics, which will remain open until Galo Nuño transitions to his new position on October 1. As the Bank of Spain embarks on this transition, stakeholders will be keenly observing how these changes will impact the institution's approach to economic policy and its engagement with European and institutional matters. With such experienced professionals at the helm, the Bank of Spain appears to be positioning itself for robust leadership in the coming years. Related Sources: • Source 1 • Source 2