Finance

Spain's PM names Arcadi España as budget minister, promotes Cuerpo in cabinet reshuffle

Published by Global Banking & Finance Review

Posted on March 26, 2026

2 min read

· Last updated: April 1, 2026

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Spain's PM names Arcadi España as budget minister, promotes Cuerpo in cabinet reshuffle
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MADRID, March 26 (Reuters) - Spanish Prime Minister Pedro Sanchez named Arcadi España as Spain's new budget minister on Thursday and promoted Economy Minister Carlos Cuerpo to deputy prime minister as

Spain Appoints Arcadi España as Budget Minister in Cabinet Reshuffle

Key Changes in Spanish Government Leadership

Arcadi España Named as New Budget Minister

MADRID, March 26 (Reuters) - Spanish Prime Minister Pedro Sanchez named Arcadi España as Spain's new budget minister on Thursday and promoted Economy Minister Carlos Cuerpo to deputy prime minister as part of a reshuffle of his cabinet.

Background: Replacement of Maria Jesus Montero

Arcadi España replaces Maria Jesus Montero, who stepped down to lead the Socialist Party's campaign in upcoming regional elections in Andalusia.

España's Previous Roles and New Responsibilities

España previously served as secretary of state for territorial policy and will take charge of Spain's budget policy at a time when the government is negotiating with regional governments over a new model for funding and has yet to submit a national budget for 2026.

Carlos Cuerpo Promoted to Deputy Prime Minister

Continued Role as Economy Minister

Cuerpo, who will continue in his role as economy minister, will become the first man Sanchez has named as a deputy prime minister since taking power in 2018, when he formed the first government with gender parity in Spanish history.

Historical Context of Gender Parity in Government

(Reporting by Paolo Laudani and Emma Pinedo; editing by Charlie Devereux and Alex Richardson)

Key Takeaways

  • Arcadi España succeeds María Jesús Montero as finance minister; Montero stepped down to lead the PSOE’s Andalusian campaign. (as.com)
  • Carlos Cuerpo, already economy minister since Dec 2023, becomes the first male deputy PM under Sánchez since 2018, while retaining his economic portfolio. (as.com)
  • Both appointments come as Spain lacks an approved 2026 budget and continues to negotiate a new model of autonomous financing with regional governments. (cadenaser.com)

References

Frequently Asked Questions

Who is the new budget minister of Spain?
Arcadi España has been named as Spain's new budget minister by Prime Minister Pedro Sanchez.
Who is Carlos Cuerpo and what is his new role?
Carlos Cuerpo, previously Economy Minister, has been promoted to deputy prime minister while retaining his economy portfolio.
Why did Maria Jesus Montero step down as budget minister?
Maria Jesus Montero stepped down to lead the Socialist Party's campaign in the upcoming Andalusia regional elections.
What is the significance of the cabinet reshuffle in Spain?
The reshuffle addresses leadership changes in key ministries and comes as Spain negotiates a new funding model with regional governments.
Has the Spanish government submitted the national budget for 2026?
No, the Spanish government has not yet submitted the national budget for 2026.

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