Pablo Hernández de Cos, who completed his term as governor of the Bank of Spain on June 11, will be teaching at the IESE Business School. According to reports from El Confidencial and confirmed by EL PAÍS, the former governor will be participating in the upcoming academic year at the graduate school of the University of Navarra, with campuses in Barcelona, Madrid, Munich, New York, and São Paulo.
Hernández de Cos concluded his time at the helm of the Bank of Spain last month after six years in the position, where he was appointed by the PP shortly before the motion of censure that led to the change in government from Mariano Rajoy to Pedro Sánchez (PSOE). Both parties are currently negotiating his replacement, as it is traditionally the Government that proposes the governor, and the opposition proposes the deputy governor.
However, his departure from the Bank of Spain has not marked the end of all his institutional roles. The 53-year-old economist still heads the Technical Advisory Committee of the European Systemic Risk Board, the body that supervises compliance with macroprudential rules in the European Union’s financial system.
In the future, he will balance this role with teaching at IESE. Teaching is not new to him, as he has served as an assistant professor at both Carlos III University of Madrid and Instituto de Empresa (IE) throughout his career. Although he studied at IESE and earned a doctorate from the Complutense University of Madrid after completing his degree in Economics and Business Administration at CUNEF.
His career has primarily been at the Bank of Spain, where he has been a senior economist since 1997 and has worked in various departments before reaching the highest rank. As a representative of the Spanish financial institution, he has also served as an advisor to the European Central Bank and other EU bodies such as the Ecofin, the council bringing together all the Ministers of Economy and Finance of the Union.
His appointment as governor was facilitated by the then Minister of Economy, Román Escolano, who sought a technical profile with influence in Europe. After his six-year term, the deputy governor, Margarita Delgado, has temporarily assumed his duties until early September, when her term also ends.
This marks the deadline for the two main parties to reach an agreement on the names that will replace the Hernández de Cos-Delgado duo. The government has proposed José Luis Escrivá, the current Minister for Digital Transformation, but the PP leadership is not in favor. Negotiations are ongoing to usher in a new era at the Bank of Spain, which will also be a new chapter for those who have held the top positions since 2018.
In Hernández de Cos’s new life, he will juggle some of his existing work obligations with teaching at IESE. Stay updated on all Economic and Business news on Facebook and X, or through our weekly newsletter.