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The new governor of the Bank of Spain takes possession before the king

Pablo Hernández de Cos promises in Zarzuela before Felipe VI his position, for which was still proposed by the Government of the PP

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The new governor of the Bank of Spain takes possession before the king

The new governor of Bank of Spain, Pablo Hernández de Cos, has promised this Monday to Felipe VI his position as new Governor of Bank of Spain, replacing Luis Maria Linde, in an event held at Palacio de la Zarzuela. As ministers of new government of Pedro Sánchez did in ir takeovers last week, Hernandez de Cos has assumed his new position in front of Constitution and without religious symbols, by dispensing with Bible and crucifix. His appointment is one of last decisions that government of Mariano Rajoy took before motion of censure and it shielded appointment in Official Gazette of State, which published Decree of appointment on May 31 but "with effects on June 11".

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Following inauguration of governor, change of deputy governor, now occupied by Javier Alonso, remains pending. It arrived at its post in 2016, to replace Fernando Restoy because this one joined to Bank of International Settlements of Basel (BIS). Since his landing, idea was that Alonso would complete only what was left of term of resty, that is to say, about two years. But while position of governor was obligatory to be renewed today (because mandate of Linde expired today at date of its six years and was not renewable) that of Deputy Governor is not necessary so much haste. Several names are shuffled and proposal of Ministry of Economy may be known this week.

The ceremony to promise position took place in Zarzuela audience hall in presence of President of government, Pedro Sánchez, minister of Economy and Business, Nadia Calviño, and Justice, Dolores Delgado, in his status as a notary major of United. The copy of Magna Carta used in ceremony, a facsimile of original text of 1978 published in 1980 by Cortes General, was opened by title VII, which is about economics and finance.

The act has begun with reading of decree of appointment of Hernandez of Cos, which was published last May 31 with signature of n President of Government, Mariano Rajoy, whose government was proposed for post, before motion of censure of 31 D E May and June 1 will evict you from Moncloa.

The new governor of Bank of Spain, Pablo Hernández de Cos (in center), with president of government Pedro Sanchez (second on right), minister of Economy Nadia Calviño (right), and King Felipe VI (left) J.J. Guillen EFE

Once Hernandez de Cos has promised to "faithfully fulfill duties of Governor of Bank of Spain with loyalty to king and save and keep Constitution", has posed to media with king, Sanchez and two ministers. They have n been chatting informally in audience hall, which has taken advantage of chief executive to congratulate new head of supervisory body.

It was former minister of economy, Román Escolano, who proposed him for charge a few days before to relieve Linde, who today concluded his mandate. Hernández de Cos, who until now was director general of Economics and Statistics at Bank of Spain, will be at head of institution for next six years. Madrid, 47 years old, has a degree in law and a PhD in economics and was an advisor to Executive Board of European Central Bank (ECB) between 2004 and 2007.


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