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.
Governor of the Bank of Spain | |
---|---|
Gobernador del Banco de España | |
Bank of Spain | |
Member of | Governing Council of the European Central Bank |
Reports to | Government of Spain Cortes Generales |
Nominator | Prime Minister after informing Congress |
Appointer | Monarch countersigned by the Prime Minister |
Term length | 6 years, not renewable |
Constituting instrument | Bank of Spain Act of 1856 |
Precursor | Governor of the Bank of San Fernando |
Formation | January 28, 1856 |
First holder | Ramón de Santillán |
Deputy | Deputy Governor of the Bank of Spain |
Website | www.bde.es |
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 and 70th governor is Pablo Hernández de Cos, whose appointment was official on May 31 and he assumed the office on June 11, 2018.[1]
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.
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.
The governor's functions are:[4]
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]