Pablo Hernández de Cos: Appearance before the Parliamentary Economic Affairs and Digital Transformation Committee

Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chair of the Basel Committee on Banking Supervision, at his appearance before the Parliamentary Economic Affairs and Digital Transformation Committee, Madrid, 18 May 2020.

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

Ladies and gentlemen,

I appear before you today in particularly difficult circumstances. Our country, like many others, is experiencing an enormously complex situation. My initial words are for all Spanish citizens, whose behaviour is proving exemplary. And most particularly they are for all those professionals who, putting their own health at risk, are working so resolutely to preserve the health of others and keep essential services operating. Naturally, these initial words are also to convey condolences to all those who have lost loved ones in this pandemic. 

We are facing an unprecedented situation. From the standpoint of its economic impact, it has three characteristics I wish to highlight, given that they condition the optimal economic policy response