Spain's Prime Minister Mariano Rajoy has chosen Román Escolano as the new Minister of Economy. He takes the place of Luis de Guindos, who will soon become the new European Central Bank Vice President. Escolano will take part in this Friday's council of ministers.

Escolano has been the European Investment Bank Vice President since 2014 when he replaced Magdalena Álvarez. Prior to that, he was a close collaborator of Luis de Guindos, travelling with him to the UK, USA or Japan, at a time when the Spanish economy was on the verge of collapse. Between 2000 and 2004 he took part in Aznar's last government, where he led the Department of Economy of the Prime Minister.