Born in 1965 in Zaragoza, in northeastern Spain, Escolano workd at the EIB since 2014. At EIB, Escolano was part of the Management Committee, the body responsible for designing the bank's financial and loan policies and managing its daily activity. He was responsible for supervising the operations and activities of the EIB in Spain, Portugal, the Maghreb countries and Latin America. Internally, he monitored different control functions such as Risk Management and the application of best banking practices. He was also the chairman of the Supervisory Board of the Marguerite Fund, a pan-European venture capital fund.
Prior to that, Escolano headed the Spanish Official Credit Institute from 2012 to 2014. He also served as chief economic adviser to the then-Prime-Minister Jose Maria Aznar from 2000 to 2004. He worked in the private sector as Director of Institutional Relations of the BBVA bank.
In march 2018, he was appointed Minister of Economy, Industry and Competitiveness by Prime Minister Rajoy. He was forced out of office after the approval of the motion of no-confidence in the Rajoy's government.