The governor of the Bank of Spain () is the head of the

Bank of Spain The Bank of Spain (, ) is the national central bank for Spain within the Eurosystem. It was the Spanish central bank from 1874 to 1998, issuing the peseta. Since 2014, it has also been Spain's national competent authority within European Banki ...

, the central bank of the

Kingdom of Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

. The Bank of Spain is integrated in the

European System of Central Banks The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability ...

and, as such, the Governor is an ''

ex officio member An ''ex officio'' member is a member of a body (notably a board, committee, or council) who is part of it by virtue of holding another office. The term ''ex officio'' is Latin, meaning literally 'from the office', and the sense intended is 'by ri ...

'' of the Governing Council of the European Central Bank. The Governor is appointed by the executive branch and it reports to both

Government A government is the system or group of people governing an organized community, generally a State (polity), state. In the case of its broad associative definition, government normally consists of legislature, executive (government), execu ...

and

Parliament In modern politics and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electorate, making laws, and overseeing ...

. 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.

Appointment process

As stipulated by the Bank of Spain Autonomy Act of 1994, the

Monarch A monarch () is a head of stateWebster's II New College Dictionary. "Monarch". Houghton Mifflin. Boston. 2001. p. 707. Life tenure, for life or until abdication, and therefore the head of state of a monarchy. A monarch may exercise the highest ...

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 A prime minister or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. A prime minister is not the head of state, but r ...

, 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 The Congress of Deputies () is the lower house of the , Spain's legislative branch, the upper house being the Senate of Spain, Senate. The Congress meets in the Palacio de las Cortes, Madrid, Palace of the Parliament () in Madrid. Congress has ...

' 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. The governor's and deputy governor's term’s lasts six years and is not renewable. 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.

Functions

The governor's functions are: *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.

List of governors

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.

References

External links

*{{citation , url=https://www.bde.es/bde/es/secciones/sobreelbanco/organizacion/Organos_rectores/El_gobernador/El_gobernador.html , title=El Gobernador (The Governor) , work=www.bde.es, access-date=2018-05-29 Lists of political office-holders in Spain

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...