Jose Luis Escrivá Appointed Bank of Spain Governor

Spanish Prime Minister Pedro Sanchez has appointed Jose Luis Escriva, a close associate and current Minister for Digital Affairs, as the new governor of the Bank of Spain, following a nearly three-month vacancy. His appointment has sparked controversy, as it breaks with tradition by appointing a sitting minister instead of a prominent economist or technocrat. Critics, including Alberto Núñez Feijó, leader of the opposition Popular Party, argue that this undermines the independence of the central bank, a sentiment echoed by concerns surrounding the government's control over monetary policy. Escriva, who has extensive experience in financial institutions, including the European Central Bank, will also sit on the ECB's governing council and take charge just before a significant ECB meeting on interest rates. The government defends the decision by emphasizing Escriva's qualifications and knowledge of monetary policy. The situation reflects ongoing tensions between the Socialist government and the conservative opposition regarding institutional appointments in Spain.