Pablo Hernández de Cos

In this Spanish name, the first or paternal surname is Hernández and the second or maternal family name is de Cos.

Excelentísimo Señor Pablo Hernández de Cos
70th Governor of the Bank of Spain
In office 11 June 2018 – 11 June 2024
	The governor of Bank of Spain is a State Counsellor of Spain
Preceded by	Luis María Linde
Succeeded by	José Luis Escrivá (Acting: Margarita Delgado Tejero
Personal details
Born	(1971-01-20) 20 January 1971 (age 53) Madrid, Spain
Alma mater	CUNEF University (CUNEF) Complutense University

Pablo Hernández de Cos (born 20 January 1971) is a Spanish economist who served as the 70th governor of the Bank of Spain from 2018 to 2024. He also served as chairman of the Basel Committee on Banking Supervision and as chair of the Advisory Technical Committee of the European Systemic Risk Board. He is a professor at IESE Business School.^[1]

Early life and education

Hernández de Cos graduated in economic and business sciences from the CUNEF University (CUNEF) in 1993, in law from the National University of Distance Education the following year and obtained his PhD in economics from the Complutense University in 2004, whose thesis was directed by José Manuel González-Páramo.^[2] In 2009 he completed a management programme at the IESE Business School of the University of Navarra.^[3] 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.^[4]

On May 28, 2018, Hernández de Cos was proposed by the Spanish government for the position of governor of the Bank of Spain,^[5][6] and on May 30 was appointed to the position effective June 11;^[7][8] when he took office before King Felipe VI at a ceremony held at Palace of Zarzuela.^[9] His appointment was one of the last decisions of the Second Cabinet of Mariano Rajoy before the vote of no confidence that was successful and resulted in the downfall of Rajoy's government.^[9]

The press has highlighted the technical nature of Hernández de Cos' profile, with no political past.^[2][10][11] 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."^[3] Unidos Podemos has described him as "a hawk, but with an impeccable technical profile and, at least, he knows economics."^[3] Hernández de Cos himself has publicly advocated for giving the Parliament a greater role in the appointment of central bank chiefs and extending future governorship terms to eight years from six.^[12] Hernández de Cos was the second youngest governor since Spain's transition to democracy after José Ramón Álvarez Rendueles, who was appointed governor in 1978, at the age of 38.

In March 2019, Hernández de Cos succeeded Stefan Ingves as chairman of the Basel Committee on Banking Supervision (BCBS) for a three-year term that can be renewed once.^[13] In July 2019, he was appointed Chair of the Advisory Technical Committee of the European Systemic Risk Board.^[14]

Hernández de Cos' six-year term ended on 11 June 2024, automatically leaving office and being replaced by the deputy governor, Margarita Delgado Tejero, until the appointment of a new incumbent.^[15]

In 2024, he joined the faculty of IESE Business School as Professor of the Practice of Management.^[1]

Other activities

International organizations

• Financial Stability Institute (FSI), member of the advisory board (2019–2024)
• European Central Bank (ECB), ex officio member of the governing council (2018–2024)^[16]
• European Systemic Risk Board (ESRB), ex officio member (2018–2024)^[17]
• Financial Stability Board (FSB), ex officio member (2018–2024)
• International Monetary Fund (IMF), ex officio alternate member of the board of governors (2018–2024)^[18]

Non-profit organizations

• Osservatorio Permanente Giovani-Editori, member of the International Advisory Board (2018–2024)^[19]
• Center for Latin American Monetary Studies (CEMLA), member of the board of trustees (2018–2024)
• National Statistics Council of Spain, member (2015–2018)
• Foundation for Applied Economics Studies, member of the board of trustees and executive commission^[10]
• Centro de Estudios Monetarios y Financieros (CEMFI), member of the board of trustees (2015–2018)

References

1. "Pablo Hernández de Cos". IESE. Retrieved 18 September 2024.
2. Sánchez, Carlos (28 May 2018). "Quién es Pablo Hernández de Cos, el nuevo gobernador del Banco de España". El Confidencial. Madrid. Retrieved 28 May 2018.
3. Barrón, Íñigo de (28 May 2018). "El Gobierno propone a Pablo Hernández de Cos como gobernador del Banco de España". El País. ISSN 1134-6582. Retrieved 28 May 2018.
4. "Uno de los sabios de la reforma fiscal de Montoro, nuevo director del servicio de estudios del Banco de España". eldiario.es. Madrid. Europa Press. 15 November 2015. Retrieved 28 May 2018.
5. Alconada, Ángeles Gonzalo (28 May 2018). "Pablo Hernández de Cos será el nuevo gobernador del Banco de España". Cinco Días. Retrieved 28 May 2018.
6. Blázquez, Pilar (28 May 2018). "El Gobierno propondrá a Hernández de Cos como gobernador del Banco de España". La Vanguardia. Retrieved 28 May 2018.
7. "Real Decreto 351/2018, de 30 de mayo, por el que se nombra Gobernador del Banco de España a don Pablo Hernández de Cos". Boletín Oficial del Estado. 30 May 2018. Retrieved 31 May 2018.
8. Alconada, Ángeles Gonzalo (31 May 2018). "El Gobierno acelera y nombra a Hernández de Cos vía real decreto". Cinco Días (in Spanish). Retrieved 31 May 2018.
9. "El nuevo gobernador del Banco de España toma posesión ante el Rey". El País. Madrid. EFE. 11 June 2018. Retrieved 11 June 2018.
10. "Hernández de Cos: un técnico con experiencia en el BCE para sustituir a Linde en el Banco de España". eldiario.es. Retrieved 11 June 2018.
11. Gonzalo Alconada, Ángeles (28 May 2018). "Hernández de Cos, un doctor en economía de 47 años y con un perfil muy técnico". Cinco Días. Retrieved 11 June 2018.
12. Jesús Aguado (December 22, 2020), Bank of Spain chief recommends extending future mandates to 8 years Reuters.
13. Caroline Binham (March 7, 2019), Bank of Spain governor appointed head of Basel Committee for banks Financial Times.
14. "Spain's De Cos to Chair European Systemic Risk Board Panel". Bloomberg. 4 July 2019. Retrieved 6 December 2019.
15. RTVE.es/AGENCIAS (10 June 2024). "El gobernador del Banco de España concluye este lunes su mandato con su relevo aún en el aire". RTVE.es (in Spanish). Retrieved 30 June 2024.
16. Governing Council European Central Bank (ECB).
17. Members European Systemic Risk Board (ESRB).
18. Members International Monetary Fund (IMF).
19. International Advisory Board Osservatorio Permanente Giovani-Editori.

External links

Media related to Pablo Hernández de Cos at Wikimedia Commons

• CV in the Bank of Spain website
• Images in Bank of Spain's Flickr account
• Pablo Herández de Cos in the IDEAS-RePEc database