The Spanish government has appointed Soledad Núñez as the new Deputy Governor of the Bank of Spain, bypassing the traditional consensus with the opposition party, Partido Popular (PP).

Núñez, a seasoned economist and former Treasury Director under José Luis Rodríguez Zapatero, has been a long-standing figure within the institution.

Her appointment comes after the PP refused to participate in the selection process, citing concerns over the independence of the Bank following the appointment of José Luis Escrivá as Governor.

Núñez's extensive experience in macroeconomics and financial regulation, particularly post-2008 crisis reforms, positions her as a significant player in the bank's leadership.

Despite her lack of direct experience in banking supervision, her familiarity with the Bank of Spain's operations and her alignment with socialist economic policies have been pivotal in her selection.

This move marks a significant shift in the bank's leadership dynamics, emphasizing the government's influence over the institution.