Pablo Hernández de Cos: Central banks, macroeconomic stability and economic growth

Remarks by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the first panel "Central banks, macroeconomic stability and economic growth" at the Conference "Economic Policies, Trade Integration and Sustainable Job Creation. A View from the Mediterranean Countries", organized by the Bank of Spain and the European Institute of the Mediterranean with the support of the Central Bank of Tunisia, Tunis, 16 November 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

In this first session of the conference we will focus on the role of central banks on both shores of the Mediterranean in contributing to the achievement of sustainable growth in the long term.

Before giving the floor to our distinguished speakers, let me say a few words about the current global outlook and their implications for economic policymaking.

At present, the global economy seems to be approaching its cyclical peak while the process of monetary policy normalization in the advanced economies continues, particularly in the United States. This process should normally precede the tightening of global financial conditions.