By contrast, Economy Minister Carlos Cuerpo, an independent, told parliament on Wednesday that “Mr. Escrivá is the ideal candidate for the position … presenting the best credentials.”
Escrivá, 63, is indeed the first serving minister to take over the governorship since Spain returned to democratic rule in the 1970s.
He more than meets the legal requirements for the job, which only involve being Spanish, and having competence and experience in monetary or banking matters. He was the first head of the European Central Bank’s monetary policy department when it started operations in 1999, and had worked at the Bank of Spain and the European Monetary Institute before that.
“Escrivá would have been seen as a great candidate before he became minister — his credentials are impeccable for the position,” Angel Talavera, chief European economist at Oxford Economics, told POLITICO. “But moving from minister to central bank governor is always contentious.”
Banking crisis
Sánchez’s Socialist Party (PSOE) and the PP had butted heads for months over who should succeed Pablo Hernández de Cos, an internationally respected technocrat whose six-year term expired in June. Typically, the two informally agree that the ruling party should name the governor while the opposition proposes a deputy.
This time around, the PP’s resistance to Escrivá ensured there was no such backroom deal. Contrary to expectations, Cuerpo did not name a new deputy on Wednesday to replace outgoing Margarita Delgado.