Spanish PM appoints new economy minister
Spanish Prime Minister Pedro Sánchez on Friday appointed Carlos Cuerpo, who currently heads the treasury department, to be his new economy minister.
Cuerpo, who studied at the London School of Economics, will replace Nadia Calviño, who is leaving to head the European Investment Bank, the bloc's lending arm whose significance has grown since war broke out in Ukraine.
Sánchez praised Cuerpo as an "honest professional" with "deep knowledge of public administration and economic policy".
"His predecessor sets the bar very high, but I am convinced that Carlos Cuerpo will brilliantly give continuity and depth to the exceptional work done by Nadia Calviño," the Socialist premier added in a televised address.
READ ALSO: Spain PM says supports Iraq's 'sovereignty and stability'
Little known in Spain, Cuerpo worked closely with Calviño, who previously worked in the European Commission's budget department in Brussels before her political career began in 2018.
The new minister will have to deal with the phasing out of a series of inflation relief policies in the eurozone's fourth-largest economy, including cuts to the value-added tax on electricity and subsidies for transportation, as growth slows.
READ ALSO: Spain extends some anti-inflation measures into 2024
The Bank of Spain recently lowered the country's economic growth outlook for 2024, citing slowing private consumption even as it expected inflation to ebb more than predicted earlier.
It estimates growth will have slowed down to 2.4 percent from a post-pandemic rebound 5.8 percent in 2022, and will expand by just 1.6 percent in 2024, below the bank's previous forecast of 1.8 percent.
Sánchez also announced that Budget Minister María Jesús, whose performance he described as "brilliant", would succeed Calviño as his first deputy premier.
As deputy prime minister, the 57-year-old - who comes from the vote-rich southern region of Andalusia -- will chair weekly cabinet meetings when Sánchez is not able to do so.
Comments
See Also
Cuerpo, who studied at the London School of Economics, will replace Nadia Calviño, who is leaving to head the European Investment Bank, the bloc's lending arm whose significance has grown since war broke out in Ukraine.
Sánchez praised Cuerpo as an "honest professional" with "deep knowledge of public administration and economic policy".
"His predecessor sets the bar very high, but I am convinced that Carlos Cuerpo will brilliantly give continuity and depth to the exceptional work done by Nadia Calviño," the Socialist premier added in a televised address.
READ ALSO: Spain PM says supports Iraq's 'sovereignty and stability'
Little known in Spain, Cuerpo worked closely with Calviño, who previously worked in the European Commission's budget department in Brussels before her political career began in 2018.
The new minister will have to deal with the phasing out of a series of inflation relief policies in the eurozone's fourth-largest economy, including cuts to the value-added tax on electricity and subsidies for transportation, as growth slows.
READ ALSO: Spain extends some anti-inflation measures into 2024
The Bank of Spain recently lowered the country's economic growth outlook for 2024, citing slowing private consumption even as it expected inflation to ebb more than predicted earlier.
It estimates growth will have slowed down to 2.4 percent from a post-pandemic rebound 5.8 percent in 2022, and will expand by just 1.6 percent in 2024, below the bank's previous forecast of 1.8 percent.
Sánchez also announced that Budget Minister María Jesús, whose performance he described as "brilliant", would succeed Calviño as his first deputy premier.
As deputy prime minister, the 57-year-old - who comes from the vote-rich southern region of Andalusia -- will chair weekly cabinet meetings when Sánchez is not able to do so.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.