Pablo Hernández de Cos: The competitiveness of the Spanish economy - from recent achievements to medium-term challenges

Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chair of the Basel Committee on Banking Supervision, at the Spain Investors Day, Madrid, 14 January 2020.

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

Central bank speech  | 
21 January 2020

Good evening, ladies and gentlemen.

Allow me to thank the Governing Board of Spain Investors Day and their chair, Benito Berceruelo, for kindly inviting me to speak to you on the tenth and therefore landmark anniversary of this annual international forum. Since its first edition, this meeting has become a showcase affording Spanish companies the advantage of offering a first-hand view of their position and prospects to foreign investors. I am convinced that the meeting will, once again, successfully contribute to boosting Spain's image and international investment in our country.

In my address I shall be analysing the competitiveness of the Spanish economy over this past ten-year period. For me, there is no better variable than competitiveness for describing some of the structural changes our economy has undergone in the past decade. It also allows me to highlight some of the main challenges lying ahead, including those stemming from the new protectionist tendencies that have arisen in the past two years.