Pablo Hernández de Cos: The need for deepening euro area integration

Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the City Week 2019: The International Financial Services Forum, London, 20 May 2019.

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

Ladies and gentlemen,

Let me start by thanking Maurice Button and the Board of Patrons of City Week 2019 for their invitation to participate in City Week 2019. It is a pleasure to be here together with leading participants from the financial sector.

2019 marks the year in which we are celebrating the 20th anniversary of the launch of the euro. However, this celebration is taking place at quite a challenging point in time. The legacies of the crisis in terms of unemployment and debt, the rise of populism, the threat posed by protectionism and uncertainties stemming from Brexit all make for a complex situation.

But to the surprise of many, this background has not reduced European citizens' support for the European integration process. Quite the opposite I would say. Euro area citizens have declared the highest level of support for the euro ever recorded.