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Pablo de Cos

Governor, Bank of Spain

Search every verified Pablo de Cos interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Pablo Hernández de Cos, who served as Governor of the Bank of Spain from 2018 to 2024, has continued to speak publicly on European economic policy and financial regulation. At the Berlin Economic Forum in March 2025, he argued that central bank independence is increasingly important as a stabilizer in unpredictable times. He stated that Europe has been losing economic weight globally due to low productivity growth, citing that European household disposable income has grown at nearly half the rate of the United States since 2000. He called for deepening the single market and for the EU to promote a rules-based international order, and he discussed the potential digital euro as a way to support innovation and reduce fragmentation in European payment systems. In a November 2024 keynote at a financial systems conference, Hernández de Cos addressed the growing role of big tech in banking, including as service providers, competitors, and partners to banks. He highlighted concentration risks in cloud computing and raised questions about how regulators should oversee banks that rely heavily on third-party technology providers. He also emphasized the need for international collaboration to establish baseline regulatory approaches for artificial intelligence in banking. Earlier in his tenure, he advocated for a common European financing instrument to meet green and digital investment needs and argued that fiscal support measures during high inflation should be temporary, targeted, and consistent with monetary policy tightening.

Recent appearances

Notable quotes

“Many AI models function as black boxes, making it challenging to understand how decisions are made. And it's not only that. We also know that in particular generative AI models are further compounded by the risk of hallucinations, where a model presents factually incorrect answers with apparent confidence. Let me emphasize that this is a key problem for the central banking community, because in the end, this lack of ”

“Recent breakthroughs in large language models and generative AI, along of course with the adoption by different industries, is poised to have a profound effect on the financial system, on the economy, and of course also on the central banking community. And you can even claim that these new developments, on which we are seeing that the use of AI agents to manage computer systems, could make this even more transformat”

“The European Union must continue to promote an international order based on rules as well as the development and projection of the foundational values of the European project, which are freedom and solidarity. Reversing the trends of recent decades and addressing these new challenges require an ambitious reform agenda, and in this agenda the first element should be to deepen our Common Market, the single market. If w”

“Europe has been losing weight in the global economy in the last decades, and we also know that the main reason for this is low productivity growth. There are many metrics that one can use in order to show this loss of weight of Europe in comparison with other regions, but one that I like a lot is that in per capita terms, European households disposable income has grown at almost half the rate of the United States sin”

“Well, first of course I think we should all recognize that financial stability is a global public good, and this means the only way to guarantee this public good is through global cooperation and through international standards. My perception is that within the Basel Committee, for sure till June when I left, there was a strong consensus on the need for implementing Basel 3, and when you look at the world economy and”

“Well, what I would say is that the disinflationary process is well on track. We've seen the decline in inflation over these quarters, which we know is a combination of different factors for sure: the impact of monetary policy tightening, but also of course the fact that many of the shocks that were behind the inflationary shock back in 2022, 2023 have already dissipated. And it's not only that inflation is now close ”

The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →