Pablo Hernández de Cos: Risk, volatility and central bank policies

Opening remarks by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the 2nd Annual Meeting of the CEBRA (Central Bank Research Association) International Finance and Macroeconomics Program, hosted by the Bank of Spain, Madrid, 29 November 2018.

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

Ladies and Gentlemen,

It is a great pleasure for me to welcome you all to the second annual meeting of the CEBRA (Central Bank Research Association) International Finance and Macroeconomics Program, hosted by the Banco de España.

Let me first thank our colleagues from CEBRA for their efforts in co-organising this conference. CEBRA is an association that seeks to encourage applied and theoretical research on relevant topics for central banks, among other institutions. Its research programmes foster interaction among researchers at central banks and in academia. In this vein, the International Finance and Macroeconomics Program (IFM) led by Galina Hale provides an excellent forum to discuss key policy questions that are also relevant to academia.

The title of this conference is: "Risk, volatility and central bank policies".