Eurocommissaris Solbes wordt nieuwe minister van Economie en Financiën in kabinet-Zapatero (en)

The Commissioner for economic and monetary affairs, Pedro Solbes, will step down before the end of the Commission's mandate in November to accept a post as Spain's combined deputy leader and finance minister, it emerged yesterday.

Prime minister-elect Jose Luis Rodriguez Zapatero has asked Mr Solbes to combine the roles of economics minister and finance minister and Mr Solbes has accepted, he said yesterday.

European Commission President Romano Prodi will also accept his resignation, according to Austrian daily Die Presse.

Mr Solbes already has a close relationship with the incoming prime minister as he served on his team of special advisers during the recent election.

The softly-spoken Commissioner has been a high profile member of the Prodi Commission, overseeing the launch of the euro's notes and coins and recently taking a lead role in the decision to take France and Germany to court for breaching the rules underpinning the euro.

He also became embroiled in the scandal surrounding fraud at eurostat - the EU's statistical arm - which he oversaw.

He inherits an economy performing well and should have no problem himself keeping within the deficit limits imposed by the euro rules - Spain is one of the few EU countries to run a budget surplus. And Mr Solbes will be able to draw on his previous experience as Spanish finance minister, from 1993-1996.

Mr Solbes is also expected to be appointed second deputy prime minister of Spain.