Pablo Hernández de Cos: The main post-pandemic challenges for the Spanish economy

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 Committee for the Economic and Social Reconstruction of Spain after COVID-19, Congress of Deputies, Madrid, 23 June 2020.

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

1. Introduction

Ladies and gentlemen,

I appear before this Committee to set out what should be the guiding principles, in the opinion of the Banco de España, of Spain's economic policy strategic priorities at present.

Before elaborating on these priorities, allow me to convey my praise and gratitude to Spanish citizens for their exemplary behaviour in the especially difficult circumstances we have faced in recent months. Naturally, my support also goes out to all those who have lost loved ones as a result of the pandemic.

The crisis has disrupted economic activity on a massive scale. To such an extent that, on all available forecasts, this year will see the biggest declines in GDP recorded in peacetime.