Luis de Guindos facts for kids
Quick facts for kids
Luis de Guindos
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| Vice-President of the European Central Bank | |
| Assumed office 1 June 2018 |
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| President | Mario Draghi Christine Lagarde |
| Preceded by | Vítor Constâncio |
| Minister of Economy, Industry and Competitiveness | |
| In office 21 December 2011 – 7 March 2018 |
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| Prime Minister | Mariano Rajoy |
| Preceded by | Elena Salgado (Economy and Finance) |
| Succeeded by | Román Escolano |
| Minister of Industry, Energy and Tourism | |
| Acting 16 April 2016 – 4 November 2016 |
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| Prime Minister | Mariano Rajoy |
| Preceded by | Jose Manuel Soria |
| Succeeded by | Álvaro Nadal |
| Personal details | |
| Born | 16 January 1960 Madrid, Spain |
| Political party | People's Party |
| Education | CUNEF University |
Luis de Guindos Jurado (born 16 January 1960) is an important Spanish politician. He currently works as the Vice-President of the European Central Bank. This is like being a top leader at a big bank for many European countries. Before this, he was Spain's Minister of Economy, Industry, and Competitiveness from 2011 to 2018.
Contents
Early Life and Education
Luis de Guindos was born in Madrid, Spain, on January 16, 1960. He studied Economics and Business at CUNEF University.
Early Career Steps
De Guindos held several important roles early in his career. He was a managing partner at a company called Advisors AB. He also worked as an advisor for the Spanish Secretary of State for Economy. From 1997 to 2002, he served on the boards of companies like RENFE (Spain's national railway) and the Official Credit Institute.
In 2000, he became the Secretary General for Economy. Later, he was the Secretary of State for Economic Affairs. In this role, he helped Spain join the Eurozone, which meant adopting the euro currency.
Working in Private Companies
From 2004 to 2011, Luis de Guindos worked in the private sector. In 2006, he became an advisor for Lehman Brothers in Europe. He also directed their bank in Spain and Portugal. He stayed there until the company went bankrupt in 2008.
After that, he joined PricewaterhouseCoopers, a big financial company. He also taught finance at IE Business School in Madrid. Before becoming a minister, he was a board member of Endesa SA, a Spanish power company. In 2011, he worked for Mare Nostrum Bank, which was formed by merging several savings banks.
Minister of Economy and Competitiveness
From December 2011 to March 2018, Luis de Guindos was Spain's Minister of Economy and Competitiveness. He was part of Mariano Rajoy's government. Many people say he helped Spain's economy recover after the crisis that affected many European countries.
Handling the Economic Crisis
De Guindos played a key role in getting a €100 billion loan from the European Union. This money helped Spain's struggling banks. He also led efforts to improve Spain's banking system and job market. His work on economic changes and spending cuts was praised by other European countries. The Organisation for Economic Co-operation and Development (OECD) noted that Spain made many important economic changes during this time.
European Roles and Challenges
In 2012, de Guindos and Prime Minister Rajoy tried to appoint a Spanish person to the Executive Board of the European Central Bank. However, another candidate, Yves Mersch, was chosen instead.
In 2014, de Guindos became a co-chair for the European People's Party (EPP) Economic and Financial Affairs Ministers Meeting. This group brings together center-right ministers before important European economic meetings.
Eurogroup Leadership Bid
In 2014, German Chancellor Angela Merkel supported de Guindos to lead the Eurogroup. The Eurogroup is a meeting of finance ministers from countries that use the euro. Spain's Prime Minister Rajoy wanted de Guindos to get this job. He hoped it would show that Spain had recovered from its crisis.
In 2015, de Guindos tried to become the Eurogroup chairman, but Jeroen Dijsselbloem was re-elected.
Budget and Deficit
In late 2015, de Guindos announced that Spain's budget deficit would be less than 3 percent of its economy by 2016. A budget deficit means the government spends more money than it collects. However, Spain missed its target for 2015. After national elections, Rajoy and de Guindos considered asking the European Commission for more flexibility on the target.
In 2016, the European Commission started formal procedures against Spain and Portugal for their high deficits. De Guindos publicly promised that Spain would not face any penalties from the European Union.
Taking on More Responsibilities
In April 2016, Spain's acting Industry Minister resigned. Luis de Guindos took over his duties in addition to his own. He continued to manage this expanded role in the next Rajoy government.
In 2017, de Guindos was considered a strong candidate to replace Jeroen Dijsselbloem as the next chairman of the Eurogroup. However, he decided not to run. Instead, he aimed to become the Vice-President of the European Central Bank. In February 2018, German Finance Minister Peter Altmaier openly supported him.
In March 2018, De Guindos left his position as Minister in Spain. Román Escolano took his place. On March 14, 2018, the European Parliament supported him as the new ECB Vice-President.
Other Important Activities
Luis de Guindos has been involved in many important organizations.
European Union Organizations
- European Systemic Risk Board (ESRB): He was an official member.
- European Investment Bank (EIB): He was an official member of the Board of Governors from 2011 to 2018.
- European Stability Mechanism (ESM): He was a member of the Board of Governors from 2012 to 2018.
International Organizations
He was an official member of the Board of Governors for many international banks from 2011 to 2018, including:
- African Development Bank (AfDB)
- Asian Development Bank (ADB)
- Central American Bank for Economic Integration (CABEI)
- European Bank for Reconstruction and Development (EBRD)
- Inter-American Investment Corporation (IIC)
- International Monetary Fund (IMF)
- Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group
- World Bank
Research Organizations
- ELCANO – Royal Institute for International and Strategic Studies: He is a member of their Board of Trustees.
See also
In Spanish: Luis de Guindos para niños
Images for kids
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Luis de Guindos
