Spain’s new economy minister is named by Pedro Sanchez and gets sworn in by King Felipe

ECONOMIST and civil servant Carlos Cuerpo has been sworn in as Spain’s new economy and trade minister by King Felipe at a ceremony on Friday.

He replaces Nadia Calviño who was appointed as head of the European Investment Bank this month, with Pedro Sanchez announcing Cuerpo’s new job before accompanying him to the Zarzuela Palace.

Cuerpo, 43, said that he would follow the same policies as his predecessor and made made a commitment to improving the lives of young people.

“We can’t afford to fail,” he added.

Sanchez also promoted budget minister Maria Jesus Montero to be his first deputy prime minister, taking over from Calviño.

As number two, Montero’s appointment is viewed as an attempt by Sanchez to surround himself with loyalists where his coalition with Sumar does not give them an overall majority in Congress.

MONTERO SWEARS IN(Cordon Press image)

Most eyes though are on Cuerpo’s new job- a senior civil servant since 2008. who has played a key role in discussions on the European Union’s new package of fiscal rules and serving as negotiator for Spain’s rotating presidency of the bloc this year.

He pledged to reduce Spain’s debt and deficit to ensure “we continue to enjoy the confidence of investors”.

“The EU’s fiscal rules will take priority in the coming years,” he said.

Cuerpo will also oversee the implementation of the €120 billion European recovery plan in Spain and manage the impact of the phasing out of anti-inflationary measures.

He has a PhD in economics from the Autonomous University of Madrid and a Master’s degree in economics from the London School of Economics and Political Science.

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