Spain is poised to elevate the profile of its treasury leadership with Paula Conthe assuming the role of economy minister, succeeding Nadia Calviño. Since late 2020, Conthe has steered the Regular Bank Restructuring Fund, a state entity coordinating government engagement with CaixaBank and Sareb and guiding the orderly wind-down of banks unable to operate viably. This transition places a technically oriented unit closer to political decision-making while preserving its core technical mandate. Under the new Secretary of State for Economic Affairs, Israel Arroyo, Conthe will oversee the ministry’s treasury operations, reinforcing a continued emphasis on debt strategy, financial sector oversight, and international representation. Conthe is positioned to represent Spain at multilateral forums such as the International Monetary Fund, the World Bank, and the European Investment Bank, and will accompany the minister in meetings with European colleagues in groups like the Eurogroup and Ecofin. The appointment signals Spain’s aim to elevate fiscal policy discussions on the global stage and to articulate a clear, informed stance on public debt, financial regulation, and EU economic strategy. Observers in Canada and the United States note that this shift could influence how European financial coordination aligns with North American approaches to financial resilience and regulatory collaboration. This move places Conthe at the intersection of hands-on policy work and high-level political dialogue, a combination that may shape investor confidence and cross-border economic cooperation. — Reuters
Conthe’s academic foundation is in economics from Georgetown University, complemented by a master’s degree in financial institution management from the Institute for the Study of Banking and Finance. Her career includes roles with the AFI and other financial institutions, along with leadership in EU-related economic and monetary affairs. She began her tenure amid a period of political transition, bringing a technically oriented approach to the Treasury with responsibilities spanning debt strategy, financial regulation, and participation in EU economic policy councils. Her experience equips her to navigate fiscal environments, coordinate with international lenders, and contribute to Spain’s stance on EU budget rules and cross-border financial governance. In the broader market, observers in North America view Conthe as someone capable of translating Spain’s financial priorities into clear signals for investors, rating agencies, and international institutions. — Reuters
European experience
In recent years Conthe engaged with initiatives tied to the European Stability Mechanism and coordinated activities within the Eurogroup framework. Between 2013 and 2015, she contributed to negotiations on bailouts and reforms of the Spanish banking sector and helped strengthen Greece’s regulatory setting within the Banking Union and the Single Supervisory Mechanism. During that period, she chaired the Task Force for Coordinated Action, a subcommittee of the Eurogroup Working Group. Her work then demonstrated an ability to steer conversations across borders, align national policies with European rules, and promote cooperative approaches to financial stability. For audiences in Canada and the United States, these experiences illuminate how Spanish policy debates connect with broader North American discussions on macroeconomic coordination and regulatory alignment. — Reuters
Her tenure with the Regular Bank Restructuring Fund began in 2015, where she led the department focused on policy solutions. In 2019, she was named director of decision-making, and in October 2020 she became president of the organization, following the prior leadership. Her career also includes senior roles in government finance offices and leadership positions at major financial regulatory bodies. The arc of Conthe’s career highlights strategic policy formulation, governance oversight, and the practical management of financial sector challenges at a time when Europe navigates post-crisis recovery and ongoing regulatory evolution. This profile suggests she will bring a results-oriented perspective to Spain’s Treasury while engaging with international partners in search of stability and growth. — Reuters
Technical general secretary
The Council of Ministers confirmed Lucia Zabía as the new technical general secretary for the Ministry of Economy, replacing the state lawyer Francisco Javier Prison. Zabía has held this post since September 2022 and is responsible for providing technical, legal, and administrative support, drafting regulatory projects, guiding preliminary decisions, and managing EU dispute procedures as well as the transposition of directives into domestic law. She also oversees handling objections to administrative acts issued by the Ministry. Zabía holds a law degree and a diploma in business and management from the Pontifical University of Comillas. She is a member of the Supreme Council of Civil Administrators of the State. Since October 2022, Economy Undersecretary Amparo López has led Zabía’s technical cabinet, remaining her direct superior. In the eyes of North American observers, Zabía’s role signals continued precision in regulatory execution and the maintenance of a solid administrative framework that supports high-level policy work. — Reuters”}{