The government agrees with the PP on the election of the two directors of the Bank of Spain

Two new directors of the Bank of Spain These are “technical profiles of recognized prestige” and will replace Fernando Eguidazu and Carmen Alonso at the institution, as Executive sources told EFE this Sunday.

Judith Arnal PhD in Economics and Business from the University of Navarratrade technician and Government economist, MA in Macroeconometrics and Finance from Menéndez Pelayo International University, MA in Portfolio Management from the Institute of Stock Studies and Law and Economics from the University of Navarra.

Antonio Cabrales PhD in Economics from the University of CaliforniaProfessor at the University of San Diego and Carlos III. He has been a professor at University College London and Pompeu Fabra University. He is vice-president of the European Economic Union, former president of the Spanish Economic Association and honorary member of the Econometrics Association.

career path

Both directors have extensive professional careers. In addition to being Calviño’s chief of staff, Judith Arnal was director of the Official Credit Institute (ICO), Red.es, and the National Innovation Corporation (ENISA).

He also worked at the Treasury for 10 years and came to the Department of Financial Analysis. He has been chairman of the Financial Sandbox Monitoring Commission and the Technical Subcommittee of the Spanish Macroprudential Authority, responsible for assessing the impact of financial measures against the pandemic.

Right now, Arnal is a member of the Scientific Council of the Royal Institute of Elcano.

at European levelchaired the Eurogroup Working Group Coordinated Action Task Force for nearly 4 years (EWG TFCA) is responsible for reforming the European Stability Mechanism and deepening the Banking Union. He also served as the Spanish representative for two years in the European Union Financial Services Committee.

Antonio Cabrales, in addition to the 2021 Rei Jaume I Economics Award for his work and contributions in the field of game theory, behavioral and experimental economics, and analysis of complex networks, including social networks He has been one of the experts involved in the preparation of the ‘Spain 2050’ agenda.

He is associate editor of the Journal of Economic Theory and editor of BEPress JEAP and Economic Research, and associate editor of JEEA and SERIES. His articles have been published in journals such as the American Economic Review, Journal of Political Economy, Review of Economic Studies, and Review of Financial Studies. Management Science and Physical Review Letter.

Council of the Bank of Spain

Banco de España’s board of directors consists of the governor. Pablo Hernandez de Cos; deputy governor, Daisy Delgado; Secretary General of the Treasury, carlos body; Deputy Chairman of the National Securities Market Commission, Montserrat Martinez And Six directors at the proposal of the government.

Until last week, those six directors were Carles Manera, Núria Mas, Soledad Núñez, Luis Servén, Fernando Eguidazu and Carmen Alonso. Although the last two have already completed their six-year tenure, and now its seats will be occupied by Judith Arnal and Antonio Cabrales.

In his era, following tradition, the two major parties shared the selection of candidates, and the PP proposed Fernando Egidazu and PSOE Carmen Alonso.

Now, before the tenure of both ends, the Government from Nadia Calviño’s Ministry of Economy contacted the PP to have the main opposition party propose a candidate and choose Antonio Cabrales as they confirmed from the formation.

The Autonomy Act of the Bank of Spain establishes that the six directors of the supervisory authority are to be appointed by the Government on the recommendation of the Ministry of Economic Affairs. “Heard the head of the Bank of Spain”.

In other words, the Government and PP agreed on names to fill the two gaps that emerged, and the Ministry presented the proposal to the governor. before it is approved by the Council of Ministers next Tuesday.

Banco de España’s board of directors approves the institution’s general guidelines for action, particularly those related to monetary policy, the implementation of which it oversees; circulars; sanctions proposals; final agreements for the performance of functions entrusted to the organization and for which the executive commission does not have the exclusive powers.

In addition, the board of directors of the Bank of Spain, It meets at least ten times a year and approves the appointments of the general managers of the institution.