Finance

Top EU budget official to be Spains new economy minister: reports

Nadia Calviño, the current director general of the European Commissions budget department, is to become Spains new economy minister, Spanish media reported on Tuesday, citing sources in the ruling socialist party.

Calviños appointment is intended to send a message of “economic stability” to the markets, media outlets reported, after a period of political turmoil that led to socialist leader Pedro Sánchez ousting conservative Mariano Rajoy as prime minister.

An economist and lawyer by training who has been with the Commission since 2006, Calviño will in a sense be switching sides in the upcoming battle over the EUs long-term budget, the Multiannual Financial Framework (MFF), to run from 2021-2027.

Budget Commissioner Günther Oettinger, Calviños current boss, presented his MFF proposal last month and EU member countries have now begun trying to change it to make it more to their liking.

Under Rajoy, Spain complained about proposed cuts to the Common Agricultural Policy and joined an alliance with France and four other countries to oppose the plans.

Calviños appointment reinforces assurances from Sánchez that Spain will respect EU commitments when it comes to its own domestic budget. The European Commission welcomed those assurances on Friday.

The new Spanish cabinet is set to take office on Thursday.

Original Article