PM Sanchez Reappoints Calviño As Econ Min-Gov't Source

Wires reporting that newly re-elected Prime Minister Pedro Sanchez has reappointed Nadia Calviño as Minister of Economic Affairs and Digital Transformation, a post she has held since 2018. She also retains her position as First Deputy PM. Calviño's re-appointment is likely to be seen as a signal to markets of intended continuity within policy-making in Madrid amid notable social unrest in the wake of the formation of a gov't reliant on the support of Catalan separatists.

• It remains to be seen how this decision impacts the race to succeed Werner Hoyer at the head of the European Investment Bank (EIB). Hoyer's term expires in 2024, and Calviño had been seen as the favourite to take over having won the backing of German Chancellor Olaf Scholz.
• Should Calviño remain in the Spanish gov't for the foreseeable future it could open the path to European Commission Exec. VP Margrethe Vestager to take on the EIB role. This would be in spite of Germany (and likely France's) preference for the Spanish econ min to take on the role, which oversees billions of euros in infrastructure spending.