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Governor of the Bank of Spain

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Governor of the Bank of Spain
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The governor of the Bank of Spain (Spanish: Gobernador del Banco de España) is the head of the Bank of Spain, the central bank of the Kingdom of Spain. The Bank of Spain is integrated in the European System of Central Banks and, as such, the Governor is an ex officio member of the Governing Council of the European Central Bank.

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The Governor is appointed by the executive branch and it reports to both Government and Parliament. To ensure its independence, the governor has a term of six years, with no possibility of renewal. Further, the governor cannot be fired except for exceptional cases.

The current governor of the Bank of Spain is economist José Luis Escrivá.[1]

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Appointment process

As stipulated by the Bank of Spain Autonomy Act of 1994, the Monarch appoints the Governor, the Deputy Governor and the rest of members of the Bank's Governing Council and Executive Committee. The governor is nominated by the Prime Minister, while the deputy governor is nominated by the incumbent governor[citation needed].

The governor has a special appointment process. Before the appointment, the Minister of Economy must appear before the Congress of Deputies' Economy Committee to inform them about the candidate. The candidate does not need the approval of Congress, although as a requirement, the candidate is required to be a Spanish person with recognized competence in monetary or banking matters.[2]

The governor's and deputy governor's term’s lasts six years and is not renewable.[3] The governor and deputy governor only leave the office when the term ends, by resignation or when the Government proves that the governor has a permanent incapacity for the exercise of their powers, serious breach of their obligations, office incompatibility or prosecution for a criminal offense.

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Functions

The governor's functions are:[4]

  • To direct the Bank and preside over the Governing Council and the Executive Committee.
  • To legally represent the Bank for all purposes and, especially, before courts of justice, as well as authorize contracts and documents and perform the other activities that are necessary for performance of the functions entrusted to the Bank of Spain.
  • To represent the Bank of Spain in institutions and international organizations in which it is expected to participate.
  • To hold the status of member of the Governing Council and of the General Council of the European Central Bank.
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List of governors

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This is a list of the people that have served as Governor of the Bank of Spain. This title was adopted in 1856, although the Bank's roots dates back to 1782.[5]

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References

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