The Termination of the Governor
Last June 11, Pablo Hernández de Cos left the position of governor of the Bank of Spain after leading the monetary institution for six years, as established by the law that regulates this institution. His mandate began at a time of turbulence, just before the motion of no confidence against the Popular Party government, generating criticism for speeding up the appointment before losing the government and the power to carry it out.
The Paper of Hernández de Cos
Hernández de Cos has become a symbol of independence away from the partisan struggle, highlighting his professionalism on the part of many parties in the parliamentary arch. His regular appearances at the Economy Committee of the Congress of Deputies have offered an x-ray of the problems of the Spanish economy, demonstrating cordiality despite the confrontational interventions.
Contribution to Global Financial Stability
Hernández de Cos has also chaired the Basel Committee, coordinating actions related to maintaining global financial stability and agreeing capital requirements for banks. In his last appearance, he highlighted the need for political consensus to consolidate fundamental structural reforms for the future of the Spanish economy, pointing out factors such as the geopolitical situation, the high structural public deficit and weak productivity growth.
Transparency and Institutional Audit
The desire to communicate the decisions taken and the analyzes carried out has contributed to the transparency and institutional control of an authority relevant to macroeconomic stability, although some analyzes have generated controversy, such as the study on the impact of the Salary Interprofessional minimum for the year 2019.
The new Acting Governor
After the termination, Margarita Delgado Tejero, deputy governor, has assumed the position of acting governor. It is crucial to quickly appoint a new governor to ensure Spain’s participation in the meetings of the Governing Council of the European Central Bank.
Need for Independence and Professionalism
It is crucial to find a profile with similar characteristics to maintain independence and avoid appointments with strong partisan ties, a situation present in several state institutions of great public relevance.