* USD: M2 aggregate ** Gold: Market price of above-ground stocks of gold *** Realised 30-day volatility in %  Cryptocurrencies: low market capitalisation, high volatility  Financial market infrastructure: bedrock of financial system Trading platform  Trading platform  Securities settlement (SECOM)  Trade  Securities settlement  Settlement  RTGS payment system (SIC) 2  5 April 2018  RTGS Money Market Event | Andréa M. Maechler | © Swiss National Bank  Source: SNB  (Swiss Exchange)  Financial market infrastructure: linking market participants Trading platform  Broker Trade Bank Securities settlement  RTGS  Central bank 3  5 April 2018  Money Market Event | Andréa M. Maechler  Settlement service provider Custodian Source: SNB  Settlement  Today: complex centralised and bilateral reconciliation Trading platform  Seller  Buyer Trade Bank Securities settlement  RTGS  Central bank 4  5 April 2018  Money Market Event | Andréa M. Maechler  Settlement service provider Custodian Source: SNB  Settlement  DLT: decentralised and automated synchronisation Trading platform  Broker  Buyer  Seller  Trade Bank Securities settlement  RTGS  Central bank 5  5 April 2018  Money Market Event | Andréa M. Maechler  Settlement service provider Custodian Source: SNB  Settlement  Coexistence: message exchange via interface Trading platform  Buyer  Broker  Seller  Trade Bank Securities settlement  RTGS  Central bank 6  5 April 2018  Money Market Event | Andréa M. Maechler  Settlement service provider Custodian Source: SNB  Settlement  Coexistence: settling payment leg using private token Trading platform  Broker  Seller  Cash  Trade Securities  Buyer  Bank  Securities settlement  RTGS  Central bank 7  5 April 2018  Money Market Event | Andréa M. Maechler  Custodian Source: SNB  Token  Settlement service provider  Coexistence: tokenisation of central bank money Trading platform  Broker  Seller  Cash  Trade Securities  Buyer  Bank  Securities settlement  RTGS  Central bank 8  5 April 2018  Money Market Event | Andréa M. Maechler  Custodian Source: SNB  Token  Settlement service provider  Fintech: more than just DLT SWISS FINTECH INDUSTRY (220 COMPANIES)  Payments 12%  12%  Investment management 15% 24%  9  5 April 2018  Deposits & lending  Money Market Event | Andréa M. Maechler | © Swiss National Bank  Analytics Banking infrastructure  Source: IFZ Fintech Study 2018  22%  15%  DLT  Two tiers: allowing flexible market solutions for end customers  Central bank 10  5 April 2018  Money Market Event | Andréa M. Maechler  Source: SNB  RTGS  Thank you for your attention.

The public interest objective underlying the status of independence leads me to view it as a value that should be preserved and strengthened, for the benefit of properly fulfilling the mission with which the agency has been entrusted and, thereby, of greater social well-being. In any event, independence should be accompanied by guarantees as to the professional competence and personal integrity of the members of the independent body, especially its senior officials, and as to the controls to which it is subject and its accountability. To attain these guarantees, controls and accountability, action must be taken on selection, appointment and dismissal procedures for individuals in management and governance positions in the independent body, on the transparency of conduct and results, and on the governance of the institution. I shall commence by reviewing the arguments that justify the independence of economic authorities and supervisors. I shall then address the elements that give shape to an institution’s formal independence, and their specific configuration in the case of the Banco de España. Thirdly, I shall offer my thoughts on the status of independence as a necessary, but insufficient, condition for independent agencies. I shall then highlight potential ways to strengthen the independence of the Banco de España, moving on thereafter to identifying potential improvements to the financial supervision model in Spain. Lastly, I shall refer to our institution’s control mechanisms and transparency standards, and certain governance aspects.