New director of the Bank of Spain resigns a few hours after his appointment

New director of the Bank of Spain resigns a few hours after his appointment

Image of the Bank of Spain in Madrid. Credit: Google maps - Hugo Villa Quintero

Just a few hours after his appointment, Antonio Cabrales, the new director of the Bank of Spain, resigned.

Antonio Cabrales was appointed by the government as the new director of the Bank of Spain this Tuesday, February 14. Just a few hours later, he resigned. Sources familiar with the decision informed Europa Press that his decision was based on ‘personal reasons’, although Cabrales himself is yet to comment.

According to the El Mundo news outlet, his resignation could be linked to his support in the past of the former Catalan minister Clara Ponsati.

She became a fugitive from Spanish justice after the illegal referendum of October 1, and the former Minister of Economy Andreu Mas-Colell, was prosecuted by the Court of Auditors for alleged embezzlement of public money to promote the ‘procés’ abroad.

Cabrales had the backing of the Partido Popular party, which highlighted in its pact with the government his ‘irreproachable’ candidacy, far from partisanship, according to the newspaper.

When the support for the pro-independence leaders came to light, Cabrales reportedly decided to step back and leave the post. His appointment also had the approval of Pablo Hernandez de Cos, the governor of the Bank of Spain.

This Tuesday, in the Council of Ministers, the government agreed to appoint Judith Arnal and Antonio Cabrales as new directors of the Bank of Spain. This followed the proposal of Nadia Calviño, the minister for Economic Affairs and Digital Transformation, according to a statement issued by this department.

Cabrales, along with Judith Arnal, was to replace Fernando Eguidazu and Carmen Alonso, whose terms as directors of the Bank of Spain ended earlier this month.

He holds a PhD in Economics from the University of California and is a professor at Madrid’s Carlos III University. Cabrales has also been a professor and head of the economics department at University College London, and a professor at the Universitat Pompeu Fabra in Barcelona.

Other positions included the executive vice-president of the European Economic Association and also as the former president of the Spanish Economic Association and an honorary member of both associations.

Mr Cabrales works on social network economics, and design and mechanisms, learning games and evolution, experimental and behavioural economics and industrial organisation, as reported by

He is also the associate editor of the Journal of Economic Theory, and formerly editor of the Berkeley Electronic Journal of Economic Analysis and Policy and Economic Research, as well as the former associate editor of the Journal of the European Economic Association and SERIEs.


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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at