pablo hernandez de cos : evidence - based policies - from theory to practice address by mr pablo hernandez de cos, governor of the bank of spain and chair of the basel committee on banking supervision, at the presentation of the collaboration agreement between the center for monetary and financial studies ( cemfi ) and the ministry of inclusion, social security and migration, madrid, 18 january 2022. * * * minister of inclusion, social security and migration, general secretary of inclusion and social welfare objectives and policies, director of cemfi, ladies and gentlemen, good morning. allow me to begin this short address by saying how pleased i am with the signing of this collaboration agreement between cemfi and the ministry of inclusion, social security and migration. in recent months i have had the opportunity to publicly emphasise the importance of the evaluation of public policies and of incorporating the results of these evaluations into decisionmaking by public authorities, 1 in the belief that, in a democratic society, evaluations should play a political as well as a technical role. in the political sphere, evaluating the design and effects of public policies should foster transparency regarding policy - makers ’ actions and their outcomes. this facilitates accountability and democratic oversight by parliament and citizens. it also fulfils a technical function, strengthening the decision - making process by providing it with valuable information to enhance its effectiveness and efficiency. therefore, promoting “ evidence - based policies ”, as with the signing of this agreement, amounts to both a technical argument in favour of effectiveness and a political statement in favour of democratic oversight of political power by citizens and their representatives. in order for these evaluations to be carried our properly, they need to be conducted by independent researchers and institutions, who must have the appropriate high - quality and sufficiently detailed data. under this agreement, an independent and rigorous evaluation will be launched of a specific public policy : the pilot projects for developing inclusion itineraries for beneficiaries of the minimum income scheme. to this end, the rigour, independence and technical excellence of cemfi ’ s researchers are paired with quality data provided by the government and its stated desire to design its policies on the basis of empirical evidence. this alone should be reason for satisfaction. i hope that the results of this evaluation will help improve the future design of this public policy and that this exercise will contribute to establishing a culture of evidence - based policies that will benefit all citizens. i believe that this kind of initiative can be particularly useful for spanish society at a

. tarapore ) in december 2003 to address the difficulties faced by common persons in getting services from the banking sector. the reserve bank also advised banks to constitute an adhoc committee in each of them to review the procedure followed by them and to ensure that the instructions issued by the reserve bank are properly implemented. the cppaps, in its report no. 1 on exchange controls relating to the individuals, focused its attention on the assessment of facilities and procedures for both residents and non - resident individuals. the recommendations of the cppaps have been examined by the reserve bank and a number of steps had already been taken for their implementation, securing procedural simplification. further, measures have been initiated to institutionalise the system for procedural simplification in respect of foreign exchange transactions both at the level of the reserve bank and authorised dealers. in recent years, the reserve bank has delegated authorities to authorised dealers to such an extent that there is hardly any need for the individuals to approach the reserve bank for any approval. however, we have come across instances where the liberalised procedures have not permeated to the grassroot level in banks possibly due to lack of knowledge about various rules and regulations and also procedures to be followed for various types of forex transactions. while, we at the reserve bank would continue our efforts to improve the customer service rendered at the reserve bank and banks, i request that any difficulties in getting facilities which are permissible may be brought to the notice of the reserve bank. way ahead india ’ s capital account liberalisation measures have been largely effective. among other factors, suitable policy measures in respect of the external sector insulated india from the 1997 asian crisis. we have moved forward gradually towards capital account convertibility with a broad reform agenda that encompasses trade, competition, reform of the financial system and industrial restructuring. as evident from various economic indicators, the liberalisation process that has been underway for some time created a more competitive environment for indian industry vis - a - vis what existed earlier. consequently, the indian companies have upgraded their technology and expanded to more efficient scales of production and refocused their activities to areas of competence. increasingly, indian companies are looking to become global players. reform measures in the external sector, including dismantling of exchange control have been a contributor to this development. we would continue to participate actively in the process of economic and financial globalisation, accelerate domestic economic reform and continue with our firm commitment to liberalisation so as to serve the needs of economic