Economy Hernández de Cos criticizes that the election of the...

Hernández de Cos criticizes that the election of the governor of the BdE depends only on the president of the Government


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He considers that the position that he himself occupies should be designated by the whole of Congress, and endorses that it cannot be renewed but if he is committed to extending the period to eight years

Pablo Hernández de Cos rejects that the Governor of the Banco de Espaà ± a, that is, the position that he himself holds, is appointed directly by the Prime Minister and proposes “give Parliament greater prominence“in that process, as well as in the election of” the deputy governor and the unborn members of the Governing Council. ”

In his appearance before the committee before the committee for the audit of the democratic quality of Congress, the governor stated this Tuesday that “the participation of Parliament could be implemented through appearances in parliament prior to the appointment or, through the confirmation of the appointment or of the suitability and technical and professional sufficiency of the proposed candidates “. And that this process would guarantee and give more credit to the person chosen, something that his predecessors in office have not always enjoyed precisely.

In addition, Hernandez de Cos has applauded the fact that his mandate cannot be extended, that is, that he himself cannot remain in office for another six years since this non-renewal guarantees independence and “nullifies the incentives to approach those who will decide the appointment.” A rare speech in a country with some leaders with a desire to repeat in their posts.

But what the governor has defended is that the governor’s term should be extended to eight years. The reason: “It is relatively short when compared internationally.” “A good reference for the future could be the duration of the mandate of the members of the Executive Committee of the ECB, which is set at eight years, also non-renewable, “he explained.

Freedom and its functions

Hernández de Cos also wanted to make it clear that he feels “completely independent from the executive branch.” But, at the same time, it has rejected the accusations that from the same Government have crept around the possible excesses in its work. And at this point, although without citing him, it seems very likely that he has thought of accusations such as that of the Minister of Social Security, Josà © Luis Escrivá, who pointed out that the agency addressed aspects that go beyond monetary policy when he criticized the official economic forecasts.

“If Parliament does decide to index pensions, it will create a gap between expenses and income. And the argument that I am giving is that of ‘something must be done to correct this situation’. What violation is taking place by the Bde or by the Bde study services?“, has exposed.

And another argument: “I am nobody to question the increase in the SMI. But I can say what are the consequences on employment. And there is no ideological component there and it should be seen as very useful“.

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EconomíaJosà © Luis Escrivá and the Bank of Spain: a story of affection and disagreements


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