Pablo Hernández de Cos: Should we reinvent banks or improve their management?

Opening speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the 14th banking industry meeting "Should we reinvent banks or improve their management?", organised by IESE (Escuela de Negocios de la Universidad de Navarra), Madrid, 12 December 2018.

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

Accompanying slides of the speech.

Good morning. I should like to thank the IESE for its kind invitation to open the 14th edition of the banking industry meeting. This gives me an excellent opportunity to review the progress made by the Spanish banking industry and the main challenges it currently faces.

Let me start, however, with a brief explanation regarding the content of my speech. As a member of the Governing Council of the European Central Bank I am, as of today, subject to a "quiet period", before a meeting at which monetary policy decisions are due to be taken. Accordingly, my reflections in this speech should not be interpreted as indicating the monetary or economic outlook (see Chart 1).