In an article published on Sunday by the Governor of the Bank of Spain, Pablo Hernández de Cos, on the entity’s website, he points out that, after an unprecedented recession, the economy will undergo a gradual recovery, which will be incomplete and uneven. For this reason, he calls for an “urgent” undertaking of a program of reforms to addresses structural challenges.
“As the vulnerability exercise recently published by the ECB highlighted,” we must prevent the crisis from seriously damaging the stability of the financial system, as this would make it more profound and long-lasting. That will require closer monitoring of the risks that threaten financial stability and for entities to be prepared to give a strong response, at the European level, should the risks materialise”, he says.
Read the full article in Spanish.