Margarita Delgado: Economic and regulatory support policies and exit strategies

Speech by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the Banking Law Conference, at the Euromed Seminar, 20 October 2021.

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

Good morning, let me first thank the invitation to participate in such and interesting forum. It is a great pleasure for me to be part of this roundtable in which we will share an overview of the support policies implemented by public authorities to mitigate the consequences of the global pandemic and also the subsequent exit strategies for those measures.

In fact, the pace and degree of intensity in withdrawing the support plans currently in force, are going to play a key role in the recovery of the economic growth and in the potential risks that may impact on financial stability.

Nevertheless, before dealing with this crucial issue, let me recall the set of measures taken and how they have been articulated.

We must acknowledge that the swift and coordinated response by economic authorities in the fiscal, monetary and prudential areas has been key to prevent that the pandemic shock, becomes more persistent, widespread and, potentially systemic, with more negative financial stability consequences.