BBVA official to head Spain's budget watchdog

 

The Cabinet on Friday named the director of BBVA's research department, José Luis Escrivá Belmonte, as the head of the new Independent Fiscal Authority, which has been set up to oversee the finances of Spain's public administrations.

Escrivá will have a three-year mandate, extendable up to a maximum of 6 years.

At a news conference after the Cabinet meeting, Deputy PM Soraya Sáenz de Santamaría highlighted the prestige and experience of Escrivá, who has worked for a number of different international organizations, including the IMF and UN. Escrivá, who has a doctorate in economics, was also head of the monetary policy division of the ECB.

The Independent Fiscal Authority was set up as part of the conditions imposed on Spain in exchange for a €41Bln loan from its European partners to clean up its banking sector.

The new body will operate under the auspices of the Finance Ministry with a similar institutional framework to National Statistics Institute (INE) to ensure its independence.

The appointment of the head of the institution will be subject to the approval of parliament and his mandate will not end in the event of a new administration taking power during his term of office.