Spain Names Former BBVA Chief Economist to Head Budget Watchdog

Jose Luis Escriva, a former chief economist at Banco Bilbao Vizcaya Argentaria SA who has worked at the Bank of International Settlements, will lead the independent watchdog Spain is creating to monitor its budget.

Escriva, who has also worked at the Bank of Spain and European Central Bank, was appointed by the Cabinet today, Deputy Prime Minister Soraya Saenz de Santamaria told reporters after the weekly meeting.

Creating an independent budget office was a condition of the 41 billion-euro ($56 billion) European bank bailout that Spain sought in 2012.

The role of the independent budget office is to provide analysis and advice and to monitor fiscal policy, according to the memorandum of understanding attached to the bailout.

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