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Ex-banker appointed as new economy minister in Spain

Roman Escolano, the vice president of the European Investment Bank, will take charge of Spain's economic ministry, the government announced on its official Twitter account.

Escolano will take office on March 9, at the next weekly cabinet meeting.

The former head of institutional relations at BBVA, one of Spain's largest banks, Escolano is expected to play a pivotal part in managing the country's economic revival and its economic relationship with the EU as Spain's economic representative in the Ecofin council, the Financial Times reported.

Escolano will replace Luis de Guindos, who was appointed in 2011 while the country was laboring under a financial crisis. He is now set to become the new vice president of the European Central Bank, according to the report.

The new minister faces several challenges, including an effort to reduce the deficit, privatization of lender Bankia, cutting the unemployment rate, dealing with the ongoing crisis in Catalonia and negotiations over Brexit, the FT noted.