There was no system for conducting system-wide stress tests for determining the appropriate level of bank capital, and micro-prudential capital requirements were inadequate, so banks tended to be undercapitalised. And there was no regime for resolving insolvent firms in an orderly way. This placed the Bank of England in a difficult position. In particular, there was a heightened risk that LOLR for a particular bank would turn out to be solvency support, with no credible exit strategy. In response, the Bank adopted a conservative approach to providing liquidity  1  2  See for instance “The Development of the Bank of England’s Market Operations”, October 2008 (http://www.bankofengland.co.uk/markets/Documents/money/publications/condococt08.pdf); “Extending eligible collateral in the Discount Window Facility”, March 2010 (http://www.bankofengland.co.uk/markets/Documents/money/publications/condocmar10.pdf); the “Review of the Bank of England’s framework for providing liquidity to the banking system” by Bill Winters (http://www.bankofengland.co.uk/publications/Documents/news/2012/cr2winters.pdf) and the “Review of the Bank of England’s provision of Emergency Liquidity Assistance in 2008-09” by Ian Plenderleith, (http://www.bankofengland.co.uk/publications/Documents/news/2012/cr1plenderleith.pdf), both October 2012; and the Bank’s response (http://www.bankofengland.co.uk/publications/Documents/news/2013/ nr051_courtreviews.pdf and http://www.bankofengland.co.uk/markets/Documents/money/publications/ liquidityinsurance.pdf). BIS central bankers’ speeches  assistance in the early stages of the financial crisis. Ironically, therefore, concerns about the risks of lending “too much” led to perceptions the Bank would lend “too little”. Post-crisis reforms have changed this situation significantly. Banks are now subject to heightened liquidity and capital regulation, and annual stress testing. And the UK has a statutory resolution regime.

A detailed review of the collection shows that both Spanish and foreign historians have collaborated in the project, covering an agenda that includes modern and contemporary issues. Although the collection is open to all kinds of quality research, monetary and financial topics predominate. Now, I would like to say a few words about our library, which has played a key role in our economic history studies and research. It was set up in 1931, and from the first half of the 1970s professor Rojo promoted the formation of a highly specialised library, stepping up the acquisition of new collections and the modernisation and expansion of its services. 3/4  The most prized section of the library, the so called Fondo de Especial Valor, comprising more than 16.000 pieces from the 14th to the 19th centuries (now in the process of digitalization), is a testimony to economic thought and practice in Spain and Europe; its content encompasses 16th century merchants’ instructions, writings of the School of Salamanca, the publications of the 17th century arbitristas and the works of 18th century Enlightenment thinkers. The collection of royal decrees and proclamations (around 4,000 documents, including the 1745-1796 compilation ordered by the Count of Campomanes), dealing mainly with fiscal, mercantile and monetary matters, enriches the library’s scope with the perspective of legislation topics. The fact that these collections are complemented by others, such as the Goldsmiths’-Kress Library of Economic Literature and the King’s College collection of the papers of J.M.