Spain’s new economy minister, from EU to Madrid

Nadia Calvino, who became Spain’s new economy minister on Wednesday, is a top EU official whose appointment appears aimed at reassuring markets and Brussels that her Socialist administration will respect eurozone budget rules.

The nomination of Calvino, director general for budget at the European Commission since May 2014 who speaks English and French in addition to Spanish, was praised by business leaders and the European Commission.

Ana Botin, chair of Spain’s largest bank Banco Santander, said having Calvino as economy minister “is a guarantee that Spain will continue increasing its influence in European institutions”.

Former European Union foreign policy chief Javier Solana, also a former Spanish foreign minister, praised her “energy and seriousness” while Olivier Bailly, director of the office of EU Economics Commissioner Pierre Moscovici, called her a “staunch advocate of the European project”.

With no political experience, she has worked in Brussels since 2006, first as the deputy director of the directorate-general for competition which enforces EU competition rules, then as deputy director of the directorate-general for the internal market and services.

For both posts she served under conservative European Commission presidents, first Portugal’s Jose Manuel Barroso then Luxembourg’s Jean-Claude Juncker.

Described as “socially liberal” and “politically neutral” by Spain’s centre-left daily newspaper El Pais, she previously worked in technical positions at the Spanish economy ministry under Socialist prime minister Jose Luis Rodriguez Zapatero and conservative prime minister Jose Maria Aznar.

By appointing the native of the northwestern city of La Coruna, who has a degree in economics from Madrid’s Complutense University, Spain’s new prime minister wants to send a signal of stability, according to Spanish media.

Pedro Sanchez has already promised to respect Spain’s budget commitments with the EU and not to change the 2018 budget drafted by the previous conservative administration.

Her technocratic profile resembles that of her predecessor Luis de Guindos, who served as economy minister between December 2011 and March 2018 before he was picked to become the European Central Bank’s vice president.

De Guindos was the architect of the steep austerity measures imposed during Spain’s financial crisis as well as the cleaning up of the country’s banks.

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