Mariano Rajoy has appointed European Investment Bank (EIB) Vice President Román Escolano as Spain's new Economy Minister, in place of Luis de Guindos, who is leaving is role to become Vice President of the European Central Bank.

Mr. Escolano will join his first cabinet meeting this Friday, March 9, the government said in a statement.

He was appointed EIB Vice President in September 2014, "on a proposal from the Spanish Minister of Economy", who was then Luis de Guindos.

He is also a former President of Spain's state-owned loan service ICO, attached to the Economy Ministry.