Madrid (EFE).- The Government will appoint Judith Arnal -former chief of staff of the first vice president, Nadia Calviño- and the professor of Economics Antonio Cabrales, proposed by the PP, next Tuesday, directors of the Bank of Spain to fill the vacancies of two directors who finished their term.
The two new directors of the Bank of Spain are “technical profiles of recognized prestige” and will replace Fernando Eguidazu and Carmen Alonso in the institution, as reported to EFE this Sunday by Executive sources.
Judith Arnal has a PhD in Economics and Business from the University of Navarra, a commercial technician and State economist, a Master’s degree in Macroeconometrics and Finance from the Menéndez Pelayo International University, a Master’s degree in Portfolio Management from the Institute of Stock Market Studies and a degree in Law and Economics from the University of Navarra.
Antonio Cabrales is a PhD in Economics from the University of California, San Diego, and a professor at the Carlos III University. He has been a professor at University College London, and at Pompeu Fabra University. He is executive vice president of the European Economic Association, former president of the Spanish Economic Association, and honorary member of the Econometric Society.
CAREER PATH
The two directors also have extensive professional careers. In addition to having been Calviño’s chief of staff, Judith Arnal has been a director of the Official Credit Institute (ICO), Red.es and the National Innovation Company (ENISA).
He also worked in the Public Treasury for 10 years and came to direct the Department of Financial Analysis. She has been president of the Financial Sandbox Monitoring Commission and of the Technical Subcommittee of the Spanish Macroprudential Authority, in charge of evaluating the impact of fiscal measures against the pandemic.
Currently, Arnal is a member of the Scientific Council of the Elcano Royal Institute.
At the European level, he chaired the Eurogroup Working Group Task Force on Coordinated Action (EWG TFCA) for almost 4 years, in charge of reforming the European Stability Mechanism and deepening the Banking Union. She was also the Spanish representative on the European Union Financial Services Committee for two years.
For his part, Antonio Cabrales, in addition to the 2021 Rei Jaume I Economics Award in recognition of his work and contributions in the field of game theory, behavioral and experimental economics, and the analysis of complex networks, among which social networks are included, he has been one of the experts who have participated in the elaboration of the ‘Spain 2050’ agenda.
He is associate editor of the Journal of Economic Theory and was editor of the BEPress JEAP and Economic Research, and associate editor of JEEA and SERIES. He has published in journals such as the American Economic Review, Journal of Political Economy, Review of Economic Studies, Review of Financial Studies. Management Science, and Physical Review Letter.
THE BOARD OF THE BANK OF SPAIN
The governing council of the Bank of Spain is made up of the governor, Pablo Hernández de Cos; the deputy governor, Margarita Delgado; the Secretary General of the Treasury, Carlos Cuerpo; the vice-president of the National Securities Market Commission, Montserrat Martínez, and six directors at the proposal of the Government.
Until last week, those six directors were Carles Manera, Núria Mas, Soledad Núñez, Luis Servén, Fernando Eguidazu and Carmen Alonso. Although these last two have already exhausted their six-year term and now their seats will be occupied by Judith Arnal and Antonio Cabrales.
In its day, following tradition, the two major parties shared the choice of candidates and the PP proposed Fernando Egidazu and the PSOE Carmen Alonso.
Now, before the mandate of both expired, the Government, from the Ministry of Economic Affairs of Nadia Calviño, contacted the PP so that the main opposition party proposed a candidate and they chose Antonio Cabrales, as as they confirm from the formation.
The Bank of Spain Autonomy Law establishes that the six directors of the supervisor will be appointed by the Government, at the proposal of the Ministry of Economic Affairs, “after hearing the governor of the Bank of Spain”.
That is to say, the Government and the PP have agreed on the names to fill the two vacancies that have arisen and the Ministry has submitted the proposal to the governor before its approval next Tuesday by the Council of Ministers.
The Banco de España’s governing council approves the institution’s general guidelines for action, particularly those relating to monetary policy, the application of which it supervises; the circulars; sanction proposals; the precise agreements for the performance of the functions entrusted to the organization and that are not exclusive competences of the executive commission.
In addition, the Banco de España’s governing council, which meets at least ten times a year, ratifies the appointments of the institution’s general directors.
