Digital Transformation Minister Jose Luis Escriva to Lead Bank of Spain

The Spanish government is set to appoint Digital Transformation Minister Jose Luis Escriva as the new governor of the Bank of Spain. Escriva will succeed Pablo Hernandez de Cos and join the European Central Bank’s governing council. The appointment has raised concerns regarding the bank's independence.

The Spanish government will appoint Digital Transformation Minister Jose Luis Escriva as the new governor of the Bank of Spain, according to a government source, confirming earlier reports.

Escriva, succeeding Pablo Hernandez de Cos, will also become a member of the European Central Bank's governing council. Concerns have been raised about the bank's independence, given Escriva's current role in Prime Minister Pedro Sanchez's Socialist cabinet and his past in the social security ministry.

Opposition leader Alberto Nunez Feijoo accused the government of trying to 'hijack' the Bank of Spain. The Socialists countered by citing past appointments of political figures such as Luis de Guindos. Prime Minister Sanchez defended Escriva, highlighting his expertise in monetary policy.

(With inputs from agencies.)