Pablo Hernández de Cos: A framework for the CCyB

Opening address by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the Second Financial Stability Conference, jointly organised by the Bank of Spain and the Center for Monetary and Financial Studies (CEMFI), Madrid, 3 June 2019.

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

Central bank speech  | 
04 June 2019

Ladies and gentlemen, good afternoon.

It is a pleasure for me to welcome you to the Banco de España to participate in the Second Financial Stability Conference. As in the first edition, this event has been jointly organised by the Banco de España and the Centro de Estudios Monetarios y Financieros (CEMFI). So allow me to start by expressing my gratitude to the organisers, in particular Rafael Repullo, director of CEMFI, and to all the members of the scientific committee, responsible for promoting the conference and selecting the papers included in the programme.

Let me also thank the keynote speakers, Agustín Carstens and Lars Peter Hansen, for their willingness to attend. And also the rest of the speakers, the discussants and, of course, the participants in the panel. It was difficult for the scientific committee to select the eleven papers that will be presented in these two days from the more than one hundred submissions received. In the end, in my view, a good balance has been reached in the programme. It combines excellent academic papers that will provide interesting insights into theoretical and empirical developments related to financial stability with policy issues on the most practical aspects of the organisation and governance structures of macroprudential policy. I have no doubt that, in these two days, both supervisors and financial stability policy-makers will have a constructive and enriching dialogue with academia on macroprudential policy.