EconomyLens.com
No Result
View All Result
Thursday, August 28, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

Spanish PM picks minister as central bank chief, sparking row

Emma Reilly by Emma Reilly
September 4, 2024
in Economy
Reading Time: 6 mins read
A A
0
73
SHARES
918
VIEWS
Share on FacebookShare on Twitter

In a controversial appointment,Jose Luis Escriva swaps a ministerial portfolio for the post of Spain's new central bank chief. ©AFP

Madrid (AFP) – Spanish Prime Minister Pedro Sanchez on Wednesday appointed his minister for digital affairs, Jose Luis Escriva, as the Bank of Spain’s new governor, raising concerns about the central bank’s independence. Escriva will succeed Pablo Hernandez de Cos, who stepped down after his term expired in June. Economy Minister Carlos Cuerpo described him as the “ideal candidate” for the post, citing his “extensive experience in numerous public and private organisations.”

Related

Luxury carmaker Lotus to slash UK jobs amid US tariffs

US Fed Governor Lisa Cook sues Trump over move to fire her

Ex-Fed chief says Trump bid to oust US governor Cook ‘dangerous’

Swiss economy set to slow due to US tariffs

Norway, environmentalists back in court over oil field permits

The choice of the new Bank of Spain governor had been delayed because Sanchez’s leftist government and the main opposition group, the conservative Popular Party (PP), have failed to reach an agreement on a candidate. While the government has the right to pick the central bank governor, Spanish tradition dictates that this decision should be made in consensus with the main opposition party, which then selects the deputy governor. As in other European nations, the post has generally been held by a leading economist or technocrat, rather than active politicians.

Sanchez praised Escriva’s qualifications, calling him “one of the best economists our country has, one of its leading experts in monetary policy.” He stated, “Very few economists have the knowledge, the experience, and the statesmanship of Jose Luis Escriva,” during a brief televised address. He emphasized that the Bank of Spain would gain a great governor, which would ultimately strengthen the Spanish economy.

However, the head of the PP, Alberto Nunez Feijoo, accused the government of attempting to “hijack” the central bank with Escriva’s appointment. He expressed concerns by stating, “The fact that the government is appointing a minister as governor is very damaging for the independence of the Bank of Spain,” warning that the institution could be “discredited.”

PP spokesman Borka Semper characterized the decision to appoint Escriva as “unprecedented.” He highlighted the potential conflicts of interest, saying, “As governor of the Bank of Spain, Mr. Escriva is going to supervise Mr. Escriva’s own management when he was a member of the government.” The appointment was also met with criticism from the left. The spokesman for the hard-left party Podemos, Pablo Fernandez, accused the government of “positioning its pawns” at the bank, adding that Escriva’s nomination “is not democratically sound.”

An economist by training, Escriva, 63, began his career at the research department of the Bank of Spain before moving to the European Central Bank and then BBVA, Spain’s second-largest private bank, where he became head of research. He joined Sanchez’s government in 2020 as social security minister and oversaw an overhaul of the pension system, along with the introduction of a minimum basic income scheme that tops up the revenues of the lowest income earners. Escriva was appointed digital affairs minister last year.

His appointment will be formalized by decree on Thursday, according to a government source, meaning it will not need to be approved in parliament, where Sanchez’s coalition government lacks a majority. As the chief of the Bank of Spain, Escriva will become a member of the European Central Bank’s governing council. The Bank of Spain has been led on an interim basis by Deputy Governor Margarita Delgado, whose three-month mandate cannot be extended beyond September 11.

© 2024 AFP

Share29Tweet18Share5Pin7Send
Previous Post

Troubled Burberry exits London’s top-tier shares index

Next Post

VW bosses defend possible plant closures at stormy meeting

Emma Reilly

Emma Reilly

Related Posts

Economy

Ex-Fed chief says Trump bid to oust US governor Cook ‘dangerous’

August 27, 2025
Economy

German factory outfitters warn of ‘crisis’ from US tariffs

August 27, 2025
Economy

Australia joins countries suspending post to US

August 27, 2025
Economy

German factory outfitters warn of ‘crisis’ from US tariffs

August 27, 2025
Economy

US tariffs on Indian goods double to 50% over Russian oil purchases

August 27, 2025
Economy

Bolivia candidate vows to scrap China, Russia lithium deals

August 26, 2025
Next Post

VW bosses defend possible plant closures at stormy meeting

Oil prices, dollar fall as market awaits US jobs data

Trucker protests fuel fear of food shortages in Colombia

Oil drilling sparks Indigenous outcry as spills tarnish Ecuador Amazon

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

77

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Luxury carmaker Lotus to slash UK jobs amid US tariffs

August 28, 2025

Small parcels in limbo as Trump moves to end US tariff exemption

August 28, 2025

US Fed Governor Lisa Cook sues Trump over move to fire her

August 28, 2025

Stocks mixed as investors digest US GDP, Nvidia earnings

August 28, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.