All hail Queen Letizia (Kate Middleton's Spanish style rival) at coronation ceremony
Princess Letizia of Spain is fast rivalling the Duchess of Cambridge as the world's most stylish royal.
The former TV journalist wed her royal husband in 2004. The couple have two children together - Princesses Sofia and Leonor.
Spain's beautiful new Queen was sworn in this morning.
Her husband Felipe's parents King Juan Carlos and Queen Sophia announced earlier this month they would be abdicating the throne amid a series of royal scandals.
The 41-year-old style icon is being hailed as a potential saviour of the Spanish fashion industry, causing a 'Letizia effect' to rival that of the Kate Middleton.
Wearing a silk white skirt suit with diamond accessories, she was the epitome of elegance this morning at Madrid's Congress of Deputies, where the coronation ceremony took place.
It was pared down in respect of Spain's economic recession, rather than involving the usual fanfare surrounding a coronation.
Now that she rules the monarch alongside her blue blood husband, Letizia will be granted access to a jewel vault worth millions, owned by the Spanish royal family.
"She is a living, breathing marketing bonanza for both the mass market and the high-end apparel sector," claimed the New York Times today.
"And in this context, her importance, especially for a country whose economy has not entirely recovered from the recession, should not be underestimated," the paper said today of her potential to rejuvenate her country's rag trade.
Spain is in the grip of a deep recession – with many criticising the spending of the Bourbon household.
Earlier this year, spending by the royal family was cut to €7.78m – down from €9.4m five years ago.
King Juan Carlos received a salary of €140,000, plus a further €150,000 to cover the “cost of representation”.
His son received an amount equalling half his father’s salary and expenses.
In 2013, to quell public anger in a country where unemployment had risen, Juan Carlos renounced the use of his €21m yacht.