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Calviño Shift To EIB Leaves PM Sanchez Looking For New Economy Minister

SPAIN

The announcement earlier on 8 Dec that EU finance and economy ministers have put forward Spain's Nadia Calviño for the position of President of the European Investment Bank (EIB) - pending EU leaders' approval - leaves PM Pedro Sanchez with a significant vacancy in his newly-formed gov't. Calviño has served as Spain's economy minister since Sanchez took office in 2018 and as First Deputy Prime Minister since 2021. Prior to serving in Cabinet she was an economist and civil servant. Focus will now turn to who could replace Calviño, and whether they hail from a similarly technocratic background or are a more overtly political figure.

  • El Confidencial identifies four potential frontrunners:
    • Secretary General of Economic Affairs Manuel de la Rocha (a close ally of the PM and longstanding PSOE figure)
    • Minister of Digital Transformation José Luis Escrivá (an independent econometrician who has held several ministerial posts under Sanchez and has worked as the ECB and BIS)
    • Fourth Deputy PM and Finance Minister María Jesús Montero (has served as fin min since 2018, unlikely to be replaced should she take the economy ministry, meaning the ministries could be combined into a 'super ministry' in the event of Montero's selection)
    • Former PSOE Deputy and Secretary of State for Economy David Vegara (seen as an independent outsider, currently Chief Risk Officer of Banco Sabadell)
  • Sanchez will have just over three weeks to reach consensus with other coalition parties on a successor to Calviño as she takes up her new post on 1 Jan 2024.
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