Pablo Hernández de Cos: Identifying lessons from the current crisis on the prudential framework for the banking system

Opening remarks by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chair of the Basel Committee on Banking Supervision, at the Third Conference on Financial Stability, organised by the Bank of Spain and the Centro de Estudios Monetarios y Financieros (CEMFI), Madrid, 18 October 2021.

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

Ladies and gentlemen, good afternoon.

Let me welcome you all to this Third Conference on Financial Stability, jointly organised by the Banco de España and the Centro de Estudios Monetarios y Financieros (CEMFI). This is the first physical conference we have been able to organize since the start of the pandemic and we all hope that this can also mark our return to normality, where physical interactions become the norm again and not the exception.

I would like to start by expressing my gratitude to 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. As in the previous two editions, you have assembled a commendable set of papers that combine empirical and theoretical evidence to explain some of the key events of these current extraordinary times. I am sure that the task of the scientific committee in selecting the twelve papers to be presented has not been a straightforward one, given the almost 150 submissions received.