24. 11. 2020 closing address. 1st mapfre sustainable finances observatory forum margarita delgado deputy governor * english translation of the original speech in spanish good morning. i much appreciate this invitation to close this first mapfre sustainable finances observatory forum. allow me to congratulate mapfre on this initiative and, naturally, iberdrola and the valladolid san juan de dios centre too for this well - deserved award. as many of you will know, i have now been deputy governor of the banco de espana for a little more than two years. a glance at my public agenda over this period will show that a significant number of my public interventions address what has come to be known as “ green or sustainable finances ”. yet among the public addresses by my predecessors in the post, you will find none on this subject. nor do i think you will find many speeches on sustainability on other central bank websites that are more than two years old. along with my personal interest in the goals of combating climate change, i believe this shows two things : first, how novel this topic is for supervisors and central banks ; and second, the great interest it arouses in public opinion. looking through the newspapers we see every day countless initiatives for action and communication in the most diverse sectors relating to sustainability. undoubtedly, the first edition of this forum and of these awards are one such initiative. they are a magnificent opportunity to acknowledge efforts made in the area of responsible investment. what does it mean for an investment to be responsible or ethical? certainly, human behaviour is the only one liable to be qualified as ethical. actions by animals or acts of nature lack this dimension, irrespective of whether their consequences are good or bad. finances, as an exclusively human activity, could thus also be analysed from this dimension. broadly, we identify ethical or responsible investment as that which meets certain standards, namely esg ( environmental, social and governance ) criteria. as i mentioned, this is a very topical subject in the press, but we are clearly dealing with something more than a passing trend. large companies, credit institutions, multilateral banks, official credit agencies and even governments themselves have been making a growing number of debt issues that meet these criteria, generally under the name of “ green bonds ”, which are duly focused on environmental sustainability. but issues of “ social bonds ” are also beginning to emerge. however, these esg standards go beyond any debt class. companies are increasingly incorporating

luis m linde : spain and the issues facing europe speech by mr luis m linde, governor of the bank of spain, at the dinner of the sixth high - level seminar of governors of the eurosystem and latin american central banks, santiago de chile, 8 december 2012. * * * dear president vergara, dear vice - president constancio, dear colleagues, ladies and gentlemen, it is for me a real pleasure to participate in the 6th edition of this seminar of governors of the eurosystem and latin american central banks and to be given the opportunity to address this speech to you. the banco de espana has been co - organizing this high - level seminar with the ecb since its first edition, in 2002. also, when the seminar has crossed the atlantic – to brazil, in 2004, to mexico, in 2009, and now to chile – we have had the pleasure of collaborating with our latin american colleagues ; on this occasion with the central bank of chile. so, as a co - organizer, i would like to welcome you all, too. [ sean bienvenidos. sejam bemvindos. ] a dinner speech is expected to be both light or, at least, let ’ s say, not very heavy and, in any case, brief. this should be the case, especially because this has been a long day for many of us, just arrived from far away to this marvellous country. to be light is not going to be easy. the circumstances in the eurozone - and particularly in some member countries, spain among them – would make it rather artificial for me to skip in my address to you tonight, the hard issues we are facing in europe. but i ’ ll try, at least, not to be too long. when this series of seminars started a decade ago, things among the countries gathered here today were very different. latin america was going through yet another episode of regional financial stress – in the aftermath of the argentinean crisis – and the euro area was still benefiting of the smooth start of the euro and the brilliant prospects offered by the monetary union. at present, the euro area is entangled in a serious crisis, whose roots – with hindsight – were already taking hold by 2002. the strong push towards economic and financial integration that accompanied the process of accession and the setting up of emu triggered a period of intense economic convergence among member countries. this was especially the case in countries such as spain, which