Pablo Hernández de Cos: Taking up of office as a member of the Council of State

Address by Mr Pablo Hernández de Cos, Govrnor of the Bank of Spain, taking up office as a member of the Council of State, Madrid, 19 July 2018.
Central bank speech  | 
25 July 2018

Madame Chair of the Council, Council Members, Lawyers, ladies and gentlemen,

First I would like to thank Mr. Alberto Aza and Mr. Juan Velarde for having agreed to be my sponsors in the ceremony today. It is a real honour for me to take up office as an ex officio member of the Council of State, the highest-ranking advisory body of the Government and a time-honoured institution in Spain.

According to the Spanish Royal Academy dictionary, an "adviser" is someone who gives an opinion on what they consider beneficial or necessary for the advisee. It is indeed an important aspect of the functions of the Banco de España, in accordance with its law on autonomy, to advise the Government on economic and financial matters.

From this dual status as a member of the Council of State and as governor of the Banco de España, allow me to take the opportunity here to briefly reflect on what are the main challenges facing the Spanish economy.

In the past five years our economy has seen sharp growth in activity and a marked reduction in the unemployment rate, enabling a gradual correction of the imbalances built up before and during the economic crisis.