Carlos Body: "The independence of the Bank of Spain is fully guaranteed"

September 5 () –

The Minister of Economy, Trade and Business, Carlos Cuerpo, has praised José Luis Escrivá as “the ideal candidate” to lead the Bank of Spain and has argued that the independence of the institution “is fully guaranteed” and protected by regulations for the last 30 years.

“The independence of the Bank of Spain is not compromised in any case and I want to make this very clear,” the minister stressed in an interview on the program ‘Al Rojo Vivo’ on La Sexta, reported by Europa Press.

The body has stressed that Escrivá is the “ideal candidate” to succeed the former governor, Pablo Hernández de Cos, since he has an impeccable CV, which is perfectly aligned with the needs of the Bank of Spain.

The Minister of Economy, who yesterday officially announced Escrivá’s appointment before the Congress of Deputies, has assured that the Bank of Spain, like other organisations and other analysts, will have to analyse all policies, actions or measures by the Government.

The minister hopes that these analyses will be transparent, rigorous and that the data and assumptions used will be available so that they can be replicated, as has happened until now. “This is what is important and what will ensure that the autonomy and independence of the bank itself is effectively maintained,” he stressed.

In any case, he pointed out that there are “numerous examples at the Eurozone level of ministers who have gone on to lead central banks. In fact, Cuerpo pointed out that next week, at the ECB meeting, Escrivá will meet with the governors of the other central banks in the Eurozone, and four of them went directly from the ministerial cabinet to the post of governor.

“I don’t think anyone is questioning the independence or autonomy of such important and relevant entities as the Bank of Portugal, the Bank of Finland or the Bank of Greece, to name just a few examples, or even the European Central Bank itself,” he stressed.

However, the minister believes that this is a discussion that can now be put behind us, thinking about the underlying issues and the major challenges facing the bank. “We have an institution whose independence and autonomy is protected by the regulations themselves, a Law on the Autonomy of the Bank of Spain that dates back to 1994,” he concluded.