• Replaces Emma Navarro, who will be appointed vice president of the European Investment Bank (EIB)

The Council of Ministers has appointed Fernando Navarrete as Secretary General of the Treasury and Financial Policy, at the proposal of the Minister of Economy, Industry and Competitiveness, Román Escolano. Navarrete replaces Emma Navarro, who will be appointed vice president of the European Investment Bank (EIB). Navarrete holds a degree in Economics with an extraordinary end of career award from the Complutense University of Madrid and a Certified Economist from the Bank of Spain on leave. From January 2012 until his appointment he has served as general director of the Official Credit Institute (ICO), where he has developed tasks associated with the financial and strategic direction of the entity. Previously, he had worked at the Bank of Spain, between 2002 and 2007, and as director of the Department of Economy and Public Policies of FAES, between 2007 and until his arrival at the ICO.

The General Secretariat of the Treasury and Financial Policy is an organ attached to the Ministry of Economy and Business Support of the Ministry. In addition to the management of the State financing strategy, many national and international tasks fall under its tutelage. Among the first, the direction, development and organization of financial policy, including the development and processing of standards in the financial field, stand out; powers to prevent money laundering and terrorist financing; or the monitoring and analysis of the evolution of financial institutions and markets.

Among the international work, the coordination of the Spanish position in different European and Eurozone forums in the financial, monetary and economic fields, including the MEDE, the European Investment Bank, as well as the representation of Spain in the Economic Committee, stand out and EU Financial, in the Eurogroup working group and in various technical committees, in organizations such as the International Monetary Fund and the G20, among others.

In 2018, the Treasury plans to issue debt for gross value of more than 221,000 million euros. Its financing strategy is prudent and is based on three fundamental pillars: extend the average life of the debt, diversify the investor base and reduce financing costs. Likewise, it is also carrying out an important work in the matter of transposition of European directives of a financial nature and will develop pioneer regulations at European level in the field of Fintech.

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