The Spanish government proposes Inés Olóndriz, a senior official in the Treasury, to preside over the Fiscal Authority

MadridThe Minister of Finance, María Jesús Montero, has already chosen a name for the presidency of the Independent Authority for Fiscal Responsibility (AIReF): Inés Olóndriz, currently the Secretary General for Regional Financing, a position within the Ministry of Finance, according to sources close to the process who spoke to ARA. This is the candidate the Ministry of Finance has put forward to the parliamentary groups in Congress, who will have to ratify the nomination in the Finance Committee, to replace the current president of the agency, Cristina Herrero, whose term expires this Tuesday, March 3. Although this is Montero's preferred candidate, the option was not yet finalized as of Monday night, the same sources told ARA. Herrero was elected six years ago to preside over the Spanish body dedicated to monitoring and controlling public spending and, consequently, fiscal sustainability. By law, Herrero cannot return to that position, and there is no interim appointment at AIReF. His dismissal is automatic, and therefore the Spanish government should have sought and proposed a candidate before that date. Had this not occurred, the director of the budget analysis division would have assumed supervisory functions, but his management authority is limited. The Ministry of Finance, under the leadership of María Jesús Montero, is responsible for proposing a name for the position and has been exploring potential candidates for weeks. Now the nomination must be approved by the Council of Ministers, although it will subsequently require the approval of an absolute majority of the Finance Committee in Congress, where the nominee will also have to appear. It is important to note that the majorities in the committee are different from the majorities in the plenary session of the Spanish lower house. In the committee, the Spanish government only needs the support of all its coalition partners except, for example, Junts. The PP, Vox, and Carles Puigdemont's party together hold 18 votes, while the remaining parties together hold 19. If it fails to pass by an absolute majority in Congress, a simple majority in the Senate, including in its Finance Committee, would suffice.

The Herrero precedent

In 2020, Herrero's candidacy, proposed by Pedro Sánchez's government, was unanimously endorsed, although the PP, Vox, and Ciudadanos parties expressed reservations. (Herrero had worked closely with her predecessor, the former Socialist minister and current Governor of the Bank of Spain, José Luis Escrivá.) Escrivá, in fact, was the first to hold the presidency of AIReF. He was chosen by Mariano Rajoy's government (PP), but the PSOE abstained from the vote. Regarding her replacement, the current president of the agency declined to comment, although she does believe that "it is undoubtedly better to look within our own ranks," referring to the team currently working at the Fiscal Authority. In any case, this is now a matter for María Jesús Montero.

During these years, some of the agency's opinions have sparked conflict with the Spanish executive branch, especially those related to the pension system. "Independent institutions are inconvenient [...] if you're not independent, something is wrong," Herrero reflected a few days ago. weeks. Herrero left the task of modifying the law that regulates the AIReF, to make it more "rigorous" regarding the tasks it must carry out, as pending work for the person who will now lead the agency.