Spain Appoints Jose Luis Escriva as Central Bank Governor

The Spanish government has appointed Jose Luis Escriva, a minister in the Socialist-led administration, as the new governor of the Bank of Spain, prompting concerns about the central bank's independence. Prime Minister Pedro Sanchez defended Escriva as a top economist and expert in monetary policy, emphasizing his qualifications and prior experience. However, the opposition, particularly the conservative People's Party, accused the government of undermining institutional independence by appointing a political ally, likening the action to dictatorial practices. Critics argue that such appointments should traditionally involve consensus with opposition parties, while some in the Socialist coalition and European banking circles offer support for Escriva's selection. The appointment was delayed due to disagreements between the government and opposition over the candidate. Escriva's previous roles include leading Spain's Independent Authority for Fiscal Responsibility and working at the ECB, which some view as relevant experience despite partisan concerns.