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Spain’s Cuerpo Delays Announcement on Next Central Bank Chief

Carlos Cuerpo, Spain's economy minister, at the Eurogroup meeting in Brussels, Belgium, on Monday, May 13, 2024. The EU and the US are escalating a global showdown with China for chip supremacy, funneling roughly $81 billion toward cranking out the next generation of semiconductors. Photographer: Simon Wohlfahrt/Bloomberg (Simon Wohlfahrt/Bloomberg)

(Bloomberg) -- Spanish Economy Minister Carlos Cuerpo has canceled a planned announcement in parliament on the next Bank of Spain chief.

“The government continues to work with the People’s Party to reach an agreement to name the governor and deputy governor of the Bank of Spain,” the economy ministry said in a statement Wednesday. “Therefore, tomorrow the minister won’t address Parliament’s economic affairs committee.”

Cuerpo had been due to appear in the lower house on Thursday to say who would succeed Pablo Hernandez de Cos as central bank chief. De Cos’s term ended a month ago, and while the acting governor — Margarita Delgado — can participate in European Central Bank Governing Council meetings, she doesn’t have a vote.

The originally planned announcement on Thursday would have given the new central banker time to be sworn in and attend the ECB’s July 17-18 policy meeting.

In Spain, the ruling party traditionally picks the Bank of Spain chief and the opposition chooses the No. 2. The talks between the government and the PP are being led by Justice Minister Félix Bolaños — one of Prime Minister Pedro Sánchez closest collaborators — and PP Secretary General Cuca Gamarra.

The delay was first reported by El Mundo.

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