Pablo Hernández de Cos (born January 20, 1971) is a Spanish economist who serves as the 70th

Governor of the Bank of Spain The Governor of the Bank of Spain ( es, Gobernador del Banco de España) is the head of the Bank of Spain, the central bank of the Kingdom of Spain. The Bank of Spain is integrated in the European System of Central Banks and, as such, the Governor ...

, as Chairman of the

Basel Committee on Banking Supervision The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten (G10) countries in 1974. The committee expanded its membership in 2009 a ...

and as Chair of the Advisory Technical Committee of the

European Systemic Risk Board The European Systemic Risk Board () is a group established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contrib ...

. Hernández de Cos is the second youngest governor since Spain's

transition to democracy Democratization, or democratisation, is the transition to a more democratic political regime, including substantive political changes moving in a democratic direction. It may be a hybrid regime in transition from an authoritarian regime to a full ...

after José Ramón Álvarez Rendueles, who was appointed governor in 1978, at the age of 38.

Early life and education

Hernández de Cos graduated in economic and business sciences from the University College of Financial Studies (CUNEF) in 1993, in law from the

National University of Distance Education The National Distance Education University, known in Spanish as ''Universidad Nacional de Educación a Distancia'' (UNED), is a public research university of national scope. The university was founded in 1972 under the Ministry of Universities. ...

the following year and obtained his PhD in economics from the Complutense University in 2004, whose thesis was directed by

José Manuel González-Páramo José is a predominantly Spanish and Portuguese form of the given name Joseph. While spelled alike, this name is pronounced differently in each language: Spanish ; Portuguese (or ). In French, the name ''José'', pronounced , is an old vernacu ...

. In 2009 he completed a management programme at the IESE Business School of the University of Navarra. He has been an associate lecturer at the Economics Department of Charles III University of Madrid and the IE Business School (IE).

Career

Hernández de Cos joined the Bank of Spain in 1997 as economist of its research service. Between 2004 and 2007 he was advisor to the executive board of the European Central Bank. From 2015 he held the position of general director of the Directorate General of Economy and Statistics of the organization after the resignation of Luis Malo de Molina who had held the position since 1992. On May 28, 2018, Hernández de Cos was proposed by the Spanish Government for the position of governor of the Bank of Spain, and on May 30 was appointed to the position effective June 11; when he made a promise before Felipe VI of Spain at a ceremony held at Palace of Zarzuela. His appointment was one of the last decisions of the Second Rajoy Government, Government of Mariano Rajoy before the 2018 vote of no confidence in the government of Mariano Rajoy, vote of no confidence that was successful and resulted in the downfall of Rajoy's government. The press has highlighted the technical nature of Hernández de Cos' profile, with no political past. The Ministry of Economy, following the announcement of his appointment, stressed that "he is an excellent candidate for the post of governor due to his great technical training, particularly in banking and monetary matters; his political independence; and his experience and prestige in the Bank of Spain and the European Central Bank." Unidos Podemos has described him as "a Monetary hawk and dove, hawk, but with an impeccable technical profile and, at least, he knows economics." Hernández de Cos himself has publicly advocated for giving the Spanish parliament a greater role in the appointment of central bank chiefs and extending future governorship terms to eight years from six. In March 2019, Hernández de Cos succeeded Stefan Ingves as chairman of the

(BCBS) for a three-year term that can be renewed once.Caroline Binham (March 7, 2019)
Bank of Spain governor appointed head of Basel Committee for banks
�''Financial Times''. In July 2019, he was appointed Chair of the Advisory Technical Committee of the

Other activities

International organizations

* Financial Stability Institute (FSI), member of the advisory board (since 2019) * European Central Bank (ECB), ex officio member of the Governing Council of the European Central Bank, governing council (since 2018) *

(ESRB), ex officio member (since 2018) * Financial Stability Board (FSB), ex officio member (since 2018) * International Monetary Fund (IMF), ex officio alternate member of the board of governors (since 2018)Members
International Monetary Fund (IMF).

Non-profit organizations

* Center for Latin American Monetary Studies (CEMLA), member of the board of trustees (since 2018) * Instituto Nacional de Estadística (Spain), Consejo Superior de Estadística de España, member * Foundation for Applied Economics Studies, member of the board of trustees and executive commission * CEMFI, Centro de Estudios Monetarios y Financieros (CEMFI), member of the board of trustees (2015–2018)

References

External links

CV in the Bank of Spain websiteImages in Bank of Spain's Flickr account
in the Research Papers in Economics, IDEAS-RePEc database {{DEFAULTSORT:Hernandez de Cos, Pablo Spanish economists Governors of the Bank of Spain 1971 births Living people Complutense University of Madrid alumni