Pablo Hernández de Cos: Speech - Annual Financial Convention 2020

Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the Annual Financial Convention 2020, 16 November 2020.

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

Ladies and gentlemen, good morning.

It is my pleasure to take part in this annual conference of the Asociación de Mercados Financieros. First, I would like to take this opportunity to share with you some reflections on the current economic situation in the euro area and the role that the European Central Bank's (ECB) monetary policy could play over the coming months in staving off some of the more serious consequences, at least from the economic standpoint, of the second wave of COVID-19 in Europe.

In the second part of my speech, I would also like to discuss some of the challenges for monetary policy in advanced economies, which have prompted the main central banks, among them the ECB, to launch a review of their monetary policy strategy.

Lastly, I would like to conclude with a few thoughts on the studies that will allow us to assess whether introducing a digital euro would be warranted.