With the appointment of Nadia Calviño to preside over the EIB, the President of the Spanish Government, Pedro Sánchez, has activated the plan for the complex succession of a key piece in his executive, but it is an unhurried activation. The appointment is not expected immediately. Sánchez himself has stated in recent days that there would be a transition period, “a few months”, although seen from Brussels the period seems like an eternity and the need for such an extension is not very well understood. From the sources consulted, no one gives a coherent reason why Sánchez would need months before making a move.
In Brussels we rather talk about the beginning of the year with procedures that can take three or four weeks. More weeks than months would be more consistent with the EIB’s needs.
The replacement of a piece as decisive as Calviño, who pilots the economic area, maintains the relationship with Europe, builds bridges with employers and provides a plus of economic orthodoxy, is not easy. From the outset, in the latest appointments, the elevation of the Minister of Finance, María Jesús Montero, to vice president, does not seem innocuous. She is to be put on the springboard for the jump to the first vice presidency, because she is a socialist, a woman and with the ability to pilot the economic area. A leap that could be made with or without expanding powers. With expansion we would go to an economic super ministry. However, there are points against this movement, because Montero is not an economist, she is not an expert in the financial system and she is not involved in the negotiation with Brussels.
Compatible with the elevation of Montero to first vice president but without expanding powers, would be the appointment of a Minister of Economy from inside or outside the cabinet. From outside, the name that is most popular, that the PSC and the employers would like, would be David Vegara. Current director of the Bank of Sabadell, he can show off his five years as Secretary of State for Economy, under Pedro Solbes, and his international experience, due to his time at the IMF and the ESM. “It would be good news,” they say in the PSC.
Another alternative would be for José Luis Escrivá to move from the new Ministry of Digital Transition to Economy, but it is an option that has lost points, because Escrivá is immersed in a new task, starting practically from scratch, and because, in addition, his relationships with businessmen have been complicated, he is sometimes accused of being inflexible and he jumps aggressively if an economist questions the sustainability of pensions.
Another recurring candidate for minister is Sánchez’s economic advisor in Moncloa, Manuel de la Rocha, a man of complete confidence of the president, with a more technical profile and experience in international economic relations. However, his promotion in the last reshuffle to secretary of state may now make it difficult to move him to a new position.
Other names also appear in the pools, such as the socialist MEP Lina Gálvez, or the president of Aena, Maurici Lucena. Gálvez is a professor of History and Economic Institutions at the Pablo de Olavide University and she is very committed to the fight for gender equality. She was the Research Advisor in the Junta de Andalucía of Susana Díaz and is currently the vice president of the Industry commission of the European Parliament. Gálvez appeared in the famous selfie that Calviño published in which the coordinators of the PSOE electoral program appear very rejuvenated due to the effects of artificial intelligence.
