The Executive Committee of the Bank of Spain has approved the appointment of David López Salido, an economist at the Federal Reserve of the United States, as the new Director General of Economics, replacing Ángel Gavilán.
Furthermore, the appointment of Galo Nuño, who currently holds the position of Deputy Director General of Economics at the Bank of Spain, as the Director General of Institutional Relations, European Affairs, and Transparency has been given the green light, following the recent resignation of Eva Valle due to unforeseen and unavoidable personal reasons, whose appointment was announced last December.
David López Salido is currently the Deputy Director General of the Monetary Affairs Division at the Federal Reserve, where he has held various positions since joining as an economist in 2006.
On the other hand, Galo Nuño has been in the position of Deputy Director General of Economics since May, and previously held the same position in the General Directorate of Financial Stability, Regulation, and Resolution. He was also responsible for the Monetary Policy and Capital Markets Division within the General Directorate of Economics.
According to the organization led by José Luis Escrivá, both appointments have been subsequently ratified by the Governing Council and will take effect from October 1.
Additionally, the Governing Council has agreed to issue a new expression of interest to fill the position of Deputy Director General of Economics, previously held by Galo Nuño, with the aim of covering it, as far as possible, from October 1.
### SELECTION PROCESS
The appointments came after the institution once again used the expression of interest formula to select its senior positions, following the departure of Ángel Gavilán from the General Directorate of Economics. The expression of interest was published on May 21, with the deadline open until June 13.
More than twenty applications were received, with excellent professional profiles, both internal and external to the Bank of Spain.
To advise the governor in this process, a panel of three highly prestigious experts in the field of economic analysis and research was consulted: Andrew Haldane, Andreu Mas-Colell, and Alejandro Werner.
After a process that included interviews and an evaluation of the skills of five candidates preselected by the panel, the members unanimously highlighted David López Salido as the ideal candidate for the position. They emphasized his expertise, experience, and responsibility, as well as his ability to convey authority.
In their view, he is the ideal candidate to lead a team of great excellence, such as the economists of the Bank of Spain. Based on these considerations, the governor proposed the appointment of David López Salido, who had been serving as Deputy Director General in the Monetary Affairs Division of the Federal Reserve Board, as the Director General of Economics, a position he will assume on October 1, 2025.
### DEPARTURE OF EVA VALLE
During this selection process, the panel was informed by the governor of the likely existence of a new vacancy in another directorate of the Bank, after the current Director General of Institutional Relations, European Affairs, and Transparency indicated her intention to resign from her position due to unforeseen and unavoidable personal reasons.
Valle was the Director of the Economic Office of the President of the Government from 2016 to 2018 during the last term of Mariano Rajoy’s government. Previously, she held other positions of trust during that government. This period coincides with the years when Escrivá was in charge of the Independent Fiscal Responsibility Authority (AIReF).
This directorate was largely integrated into the General Directorate of Economics until September 2024 and has significant synergies, especially in the field of international economics and relations with other central banks through the European System of Central Banks, the Bank for International Settlements (BIS), or the CEMLA.
Considering that these functions are the core of this directorate, the panel members believed that the skills required to lead this directorate were particularly close to those demanded for the position of Director General of Economics. They agreed to use this selection process to evaluate candidates for this new vacancy.
The panel considered the candidate who had placed second in this process, Galo Nuño, as a suitable candidate to fill this vacancy. They highlighted his high potential and ability to make solid and innovative proposals, as well as to add value to the transformation process of the Bank of Spain from a position on the executive committee.
This characteristic is reinforced by his international experience supported by his work at the ECB or the BIS. Following these considerations of the panel, the governor proposed the appointment of Galo Nuño, who had been serving as Deputy Director General of Economics, as the Director General of Institutional Relations, European Affairs, and Transparency, a position he will assume on October 1, 2025.
FUENTE