What was going to be an important agreement on economic matters between PSOE and PP, in the middle of the pre-election environment, has ended up being shipwrecked in a matter of hours. Nadia Calviño and Cuca Gamarra had closed the weekend that Judith Arnal, a commercial technician and State economist and former chief of staff of the first vice president, and Antonio Cabrales, an economist with extensive experience, were appointed this Tuesday new directors of the Bank of Spain. The governor, Pablo Hernández de Cos, was consulted, who endorsed both profiles. However, after the leak that the candidate proposed by Genoa signed a letter of support for Clara Ponsatí, it has ended up causing the doctor and professor at the Carlos III University, among other centers, to end up resigning. In between there was a direct call from Cuca Gamarra.
The PP defended Cabrales and only hours later forced his departure. His name was forged at the highest level, in the leadership of the party. In fact, Alberto Núñez Feijóo’s environment had highlighted his profile as independent of him, in contrast to that of Arnal. The main opposition party could have chosen a councilor from their entourage, but they decided to look outside the popular orbit, not without causing internal resentment. But the publication, in The Objective, of a letter of support for the MEP and former Minister Clara Ponsatí was a red line for the popular.
Gamarra picked up the phone and called Cabrales on Tuesday, confirm sources familiar with the conversation. The general secretary of the PP told the economist that the formation considered that he could not be a director of the Bank of Spain after knowing the letter. Sources from the party leadership defend that “the PP, as we propose in the institutional quality plan, advocates the appointment of independent profiles with a recognized track record and solvency in the corresponding areas.” That is, Genoa withdrew its support for Cabrales.
The economist, who had signed the document supporting Ponsatí for his academic profile, understood. He had no problem leaving. In fact, it was Cabrales himself who, in view of Gamarra’s call, decided to resign, they explain from his environment. This point is confirmed by sources from the PP’s economic team. The victim prefers to remain silent so as not to “generate more noise” and is already committed to continuing to dedicate himself to his academic work.
The resignation of Antonio Cabrales occurred while the council of ministers that approved his appointment was meeting. In fact, the decree has been published this Wednesday in the Official State Gazette (BOE), although he had already resigned. Tomorrow, Thursday, his march is scheduled to be published. A new negotiation is now open between PSOE and PP to choose a replacement for Cabrales. Genoa is now studying other profiles under the same premise: well-known independents.
The Government and the PP agree on the technical profile and recognized prestige of Cabrales, who is a doctor in Economics from the University of California and a professor at the Carlos III University. He has also been a professor at University College London and at Pompeu Fabra University. He has also held the positions of executive vice president of the European Economic Association, former president of the Spanish Economic Association and honorary member of the Econometric Society. He has been one of the experts who have participated in drawing up the ‘Spain 2050’ agenda.
He is also associate editor of the Journal of Economic Theory and was editor of BEPress JEAP and Investigaciones Económicas, and associate editor of JEEA and SERIES. He has published in journals such as the American Economic Review, Journal of Political Economy, Review of Economic Studies, Review of Financial Studies. Management Science, and Physical Review Letters.
The Council of Ministers on Tuesday highlighted precisely the extensive curriculum of Cabrales, which had not generated any reluctance from the governor of the Bank of Spain, Pablo Hernández de Cos, who was informed of the appointment in accordance with the internal regulations of the supervisory body.
