Madrid (EFE).- Antonio Cabrales, the director of the Bank of Spain proposed by the PP, has resigned “for personal reasons” a few hours after his appointment was approved this Tuesday by the Council of Ministers.
Sources close to the PP have confirmed to EFE the resignation of Cabrales, a professor of Economics and with a “technical profile of recognized prestige” according to the Government, explaining that “he has resigned for personal reasons.”
The election of Cabrales -along with that of Judith Arnal- has taken place after listening to the contributions of the governor of the Bank of Spain, Pablo Hernández de Cos, in compliance with the internal regulations of the supervisory body, as explained on Tuesday by the Ministry of Economic Affairs .
Cabrales has a PhD in Economics from the University of California, San Diego; and 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.
In addition to the Rei Jaume I Prize for Economics 2021 in recognition of his work and contributions in the field of game theory, behavioral and experimental economics, and the analysis of complex networks, including social networks, he has He has been one of the experts who have participated in the preparation of the ‘Spain 2050’ agenda.
The advice 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.
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 Ministry of Economic Affairs contacted the PP to propose a candidate, who was Antonio Cabrales, as confirmed by 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, which has then submitted the proposal to the Governor before its approval 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.