Financial System Conference 2024- Keynote Address: Pablo Hernández de Cos, Bank of Spain

📅 Dec 20, 2024 Central Bank of Ireland 22 MIN 467 VIEWS 13 SEGMENTS · 2 SPEAKERS

I'm now delighted to Welcome to the stage Mr Pablo Hernandez dasas former governor of the bank of despa to deliver his keynote ...

Host 0:04 ↗

I'm now delighted to welcome to the stage Mr. Pablo Hernandez de Cos, former Governor of the Bank of Spain, to deliver his keynote address. Mr. Hernandez de Cos was Governor of the Bank of Spain and member of the Governing and General Council of the European Central Bank from June 2018 to June 2024. He was also chair of the Basel Committee on Banking Supervision between 2019 and 2024 and a member of the General Board and the Steering Committee of the European Systemic Risk Board and the Financial Stability Committee. Last week, he was announced as the next General Manager of the Bank for International Settlements. Welcome, Mr. Hernandez de Cos.

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APA, MLA, BibTeX

APA

Cos, P. D. (2024, December 20). Financial System Conference 2024- Keynote Address: Pablo Hernández de Cos, Bank of Spain [Interview transcript]. Central Bank of Ireland. CEOInterviews.AI. https://ceointerviews.ai/interview/1343266/

MLA

Pablo de Cos. "Financial System Conference 2024- Keynote Address: Pablo Hernández de Cos, Bank of Spain." Central Bank of Ireland, 20 Dec. 2024. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1343266/.

BibTeX

@misc{cos2024_1343266,
  author       = {Pablo de Cos},
  title        = {Financial System Conference 2024- Keynote Address: Pablo Hernández de Cos, Bank of Spain},
  howpublished = {Interview transcript, Central Bank of Ireland. CEOInterviews.AI},
  year         = {2024},
  month        = {dec},
  url          = {https://ceointerviews.ai/interview/1343266/},
  note         = {Speaker-attributed transcript with timestamps}
}

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Key Quotes (2)

“The question that then arises is: is it enough to regulate and supervise this from within the banking system, just focus on the user demand side of the services, or do we also need to oversee from the big tech side as suppliers? That for me is the big question. The main reason for thinking further about the supply side is the industrywide concentration risk. A handful of big tech firms control a v”

▶ 14:10 POLICY

“Imagine a firm sets up a bank that purely acts as a service provider to other firms that want to offer banking products, be that payments, deposit, or lending type products. The firm can rent out its banking license to non-banks that want to offer banking products. How should we think about regulating such a bank? Is it any different to how we would regulate a bank that relied almost exclusively o”

▶ 19:22 CONTROVERSIAL POLICY

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About Pablo de Cos

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.

All Pablo de Cos appearances → Central Bank of Ireland on YouTube →