Prime Minister Pedro Sánchez has appointed Carlos Cuerpo as first vice president and Arcadi España as finance minister to replace María Jesús Montero, who will run as PSOE candidate in the Andalusian elections on May 17. Sánchez keeps Economy and Finance separate, betting on technical profiles amid an economic crisis from the war in the Middle East.
Prime Minister Pedro Sánchez announced government changes on Thursday, March 26, 2026, following María Jesús Montero's departure from the first vice presidency and Finance Ministry. Montero leaves the executive to run as the PSOE candidate in the Andalusian elections on May 17, called by Junta President Juan Manuel Moreno. Sánchez praised Montero as «the best politician I have known» and «a fundamental pillar» in Spain's economic success against unprecedented crises. Carlos Cuerpo, Economy Minister since December 2023 and state economist born in Badajoz in 1980, rises to first vice president. Sánchez described him as «one of the most brilliant economists and public servants» who will be a «fantastic vice president». Cuerpo, with a technical profile and no PSOE membership, comes from a humble family and has gained weight with strong ratings (5.27 in January CIS). He has managed responses to Trump's tariffs and the Middle East war. Arcadi España, born in Carcaixent in 1974 with a degree in Economics, becomes the new Finance Minister. Close to Ximo Puig, he was Hacienda councillor in the Valencian Government, advocating regional financing reform for the underfunded Comunidad Valenciana. Until now, Secretary of State for Territorial Policy. Sánchez called him «upright, intelligent, and committed». His challenges: budgets, regional debt forgiveness, and financing reform. Sánchez avoids a superministry and bolsters Valencian socialism with España, alongside Diana Morant and Rebeca Torró. The PP criticizes the «continuism» and questions trajectories; Yolanda Díaz (Sumar) congratulates: «Welcome Arcadi España to the Council of Ministers». Félix Bolaños retains political power without formal vice presidency.
