Antonio Cabrales stepped down as director of the Bank of Spain on a Wednesday, soon after his appointment by the Central Bank of Spain. The Council of Ministers aimed to appoint a prestigious economist who would stand apart from politics, chosen in agreement with the First Vice-President and the Minister of Economy. The goal was to secure a profile independent and professionally respected to form part of the bank’s executive committee.
Technically, Cabrales chose to distance himself from political polemics after it surfaced that his economist colleague and the Generalitat had signed a manifesto in support of the former Education Minister Clara Ponsatí. Ponsatí had fled to Scotland after the 1-O referendum. Cabrales had a teaching period that briefly overlapped with hers at Pompeu Fabra University. The economist, closely tied to CSIC in his career, taught at Georgetown University in the United States and at the University of Saint Andrews in Scotland, with a tenure that spanned from 1993 to 2006, and a professorship from 2003 to 2004. His expertise lies in game theory, a field that has shaped much of his professional identity. Some sources note that Cabrales is a highly respected economist and that the campaign against him signals a worrying direction for appointments in institutions that should prize independent and professional profiles.
In this context Cabrales limited himself to signing the document supporting Ponsatí as a professional obligation, a stance welcomed by the academic community at the University of Saint Andrews in Scotland, where he had previously served as a professor. A total of fifty-two economists joined the support, including prominent names such as Salvador Barberà, Jordi Gali, Albert Marcet, and Andreu Mas-Colell, who once led government finance policy. Cabrales is known for his specialization in microeconomics and its implications for policy design and market behavior.
This support was echoed in the case of Mas-Colell, who has a long teaching career at Harvard and has been involved with the governments of Jordi Pujol and Artur Mas. Mas-Colell has also served as a professor at the University of Valencia and at the Pompeu Fabra University. He faced scrutiny from the Court of Accounts regarding government-appointed funding and his broader involvement in policy initiatives. The discussion around the protracted Catalan political process in which Cabrales participated raised concerns about potential wear and tear for him as a public figure and as a policymaker, especially during his tenure at the head of the Catalan finance apparatus.
Conservative digital media outlets that reported on Ponsatí then backed a manifesto in support of Cabrales doctoral work during the moment of the cabinet meeting that appointed him as director of the Bank of Spain. This episode occurred as Pedro Sánchez was assuming office as the head of the government, bringing renewed attention to the intersection of academic endorsements and political leadership.
To avoid escalating tensions and avoid becoming a political flashpoint, Cabrales chose to stay out of sight. In his statements to the press he emphasized a desire to prevent further strain on the public landscape and to keep the situation calm. This stance helped him weather the wave of information aimed at destabilizing him as party representatives expressed dissatisfaction with his selection as the central figure in the Bank of Spain’s leadership.
Born in Madrid in 1964, Cabrales is recognized for his contributions to economics and has been honored with the Jaume I Economics Award in 2021. He earned his PhD in Economics from the University of California, San Diego, where Clara Ponsatí was a visiting professor from 1993 to 1994. Cabrales later served as a professor at the Carlos III University and held teaching positions at University College London, spanning several years in the mid-2010s. His career is marked by a consistent emphasis on microeconomic theory and its real-world applications in policy analysis and institutional design.
The resignation sparked broader discussion about renewing senior positions in government institutions and the need for fresh leadership that can bridge political divides. In the coming period, the government and the People’s Party would need to identify a new candidate who can uphold independence and a proven track record. The PSOE proposed Judit Arnal, a doctor of Economics from the University of Navarra and a government trade specialist, following Nadia Calviño’s move within the Ministry of Economy. The council would have to deliberate on the best fit for maintaining stability and continuity in the Bank of Spain’s governance.
In public reaction, the People’s Party quickly expressed its understanding of Cabrales’s decision and emphasized the need for independent profiles with demonstrated credibility. They underscored the importance of a governance framework that upholds corporate quality and independence, a stance echoed by party representatives who highlighted the value of a transparent appointment process aligned with institutional integrity.
A challenge looms in appointing a successor who can continue the tradition of rotating leadership within the Bank of Spain. The transition is likely to involve someone with a strong background in economics and a reputation for pragmatic policy analysis, potentially drawing from the ranks of IESE or other leading institutions. The expiration of Mas-Colell’s term on March 24 leaves the institution at a crossroads, with expectations that the new leadership will reflect stability, independence, and a commitment to sound macroeconomic stewardship. The government and regional authorities may need to negotiate quietly to secure a candidate who can command broad respect and maintain the bank’s elevated standing in the national and international economic community.