Pablo Hernández de Cos: The need for an ambitious structural reform strategy. The productive model in the post-pandemic period. How can we improve the productivity of our economic system and use the reconstruction fund to this end

Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, Cercle d'Economia, 12 January 2021.

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

Good evening, ladies and gentlemen. 

Allow me to begin by thanking Cercle d'Economia and, in particular, professors Xavier Vives and Núria Mas, for their invitation to participate in this session. I also appreciate the fact that Cercle has placed the analysis of the post-pandemic productive model centre-stage in this event.  

Since the start of the COVID-19 crisis we have focused on tackling the enormous short-term challenges this unique situation has posed. It has warranted unprecedented measures in various economic policy areas (monetary, financial, fiscal-), both domestically and internationally, and of course at the European level.  

With the horizon set by vaccine availability, and taking into account the fact that the economic effects of the vaccine roll-out will not be immediately discernible (meaning exceptional measures will have to remain in place for some time), it is important in parallel to address the medium-term challenges for our economy.