Three, in 2019 the Bank will prepare its first Social and Environmental Sustainability Report, examining how it complies with obligations of every entity forming part of a broader community. This Report will also give an account of the CBC’s progress and challenges in terms of gender equality. Lastly, notwithstanding the aforementioned initiatives, the Board of the CBC will hire an independent assessment of its performance in compliance with the two mandates of its Organic Act, that is, price stability and financial stability. For this purpose, a panel composed of four world-renowned experts in central banking will be convened. This panel will accumulate the relevant background in the course of the next few months and will issue a report with its assessments and recommendations in time to be presented in this same instance next year. This will be a concrete form of accountability for the way the CBC and its Board have complied with its legally-mandated obligations and responsibilities to society, which will acquire special connotation at the end of 30 years of autonomy of our institution. This recount that I have presented before the Honorable Senate of the Republic, without being exhaustive, gives us a broad and general approach to the steps we are taking. It also expresses our ability to adapt to more uncertain and challenging scenarios, as well as the commitment we have to relieve the meaning and purpose of the CBC. In short, it is about fully assuming the responsibility with which we honor our constitutional mandate in the eyes of our country.

In recent years, both our central bank researchers and external researchers financed by us have been selected to present their papers. In this year’s edition, the conference has been jointly organised with the CEPR’s Economic History section. Secondly, since 2009, the Banco de España has had a biannual programme in place for economic history research grants. Under the programme, universities commit themselves, following an agreement signed with the Bank, to pursuing the research selected and to presenting and publishing their findings. The possibility of collaboration between researchers from both institutions is also envisaged. Since 1980, under the initial backing of Luis Ángel Rojo, the Bank has published a collection of monographs relating to monetary and financial history, Spanish and international alike, under the name “Economic History Studies” (more familiarly known as the “Red Series”). To date, this collection had solely included papers prepared or financed by the Banco de España. Currently, however, with a view to extending and maintaining its continuity, we are assessing opening it up to other research not necessarily financed by the Bank. To be added to the foregoing is all the sponsorship and funding activity of associations, universities and royal academies in the field of economic history. Actions of a differing nature and scope are involved, giving continuity to our long-standing and intense promotion work. I am particularly gratified to be able to share with you today my satisfaction at the recognition recently granted by the Spanish Economic History Association to the supportive work by the Banco de España.