Spain PM Defends Escriva’s Credentials for Top Central Bank Job
(Bloomberg) -- Spanish Prime Minister Pedro Sanchez made a strong defense of Digital Transformation Minister Jose Luis Escriva’s economic credentials, although he stopped short of endorsing him as the country’s next central bank governor.
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“I have the best opinion of Jose Luis Escriva,” Sanchez said during a press conference in Washington when asked about the minister’s possible nomination, adding that “if one looks at his CV, I believe there are few people in Spain who have” his knowledge of monetary policy.
However, given that the government and the main opposition party are currently negotiating top jobs at the Bank of Spain and other agencies, a “certain level of discretion is required,” Sanchez said.
The appointment of the Bank of Spain chief has been delayed as the executive and the conservative People’s Party try to agree on who to pick for the job. They are attempting to honor a tradition that allows the administration to pick the governor and the opposition the deputy.
The post has been vacant since early June, when Pablo Hernandez de Cos’s term ended, with Deputy Govenor Margarita Delgado standing in until her own tenure finishes in September.
Economy Minister Carlos Cuerpo was widely expected to announce the post on July 11, but that was delayed as the parties failed to strike a deal. It subsequently emerged that the government had suggested naming Escriva as governor, but the PP said it doesn’t won’t somebody with strong political ties as central bank chief.
Escriva, who has worked at the European Central Bank, is one of Sanchez’s top economics advisers. Cuerpo also served under and worked closely with Escriva when they were both at Spain’s fiscal watchdog.
Spain’s central bank chief also sits on the ECB’s rate-setting Governing Council. As acting governor, Delgado gets to participate, but doesn’t have a vote.
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