The Spanish government is racing against time to appoint a new governor for the Bank of Spain before the European Central Bank meeting on July 18. Minister of Economy Carlos Cuerpo expressed hope for a swift appointment but negotiations with the opposition People's Party (PP) have hit a snag.

The delay leaves Spain without voting rights in ECB monetary policy decisions.

Potential candidates include Paula Conthe and Montserrat Martínez, with the possibility of Spain's first female central bank governor.

The government is also negotiating renewals for other key economic institutions, aiming for a package deal with the PP.