Pablo Hernández de Cos, former governor of the Bank of Spain and future director of the Bank for International Settlements, has been recognized with the title of 'honoris causa' by Nebrija University during a ceremony held in Madrid.
In his acceptance speech, Hernández de Cos highlighted the importance of issues such as independence, transparency, and accountability in the Bank of Spain, as well as in institutions in general, aiming to increase citizens' trust in them.
The Spanish economist pointed out the need to work towards a more prosperous and united Europe, emphasizing that the continent is lagging in terms of economic growth compared to other global powers. Additionally, he highlighted that Spain has been unable to maintain a sustained convergence path regarding per capita income with other European countries for more than a decade.
Hernández de Cos underscored that Europe and Spain are facing new challenges, such as fragmentation and geopolitical uncertainty, an aging population, rapid technological development, and the fight against climate change, which need to be addressed with ambition.
The economist proposed to boost the European integration project, implement structural reforms at the national level, and maintain a macroeconomic stability environment as keys to tackling these challenges. He highlighted the importance of promoting an international order based on rules and the fundamental values of freedom and solidarity of the European project.
Hernández de Cos also analyzed the decrease in Europe's participation in the global economy, citing data showing lower relative growth and a gap in R&D investment compared to other regions. Additionally, he addressed issues such as population aging, spending on public services, and declining productivity in Europe.
Hernández de Cos's term as director of the Bank for International Settlements will begin in July and will last for five renewable years. Throughout his career at the Bank of Spain and the European Central Bank, as well as in various working groups of the European Union, he has dedicated his work to addressing the economic and financial challenges facing Europe and Spain.
