backed securities, by structuring asset pools into tranches with different risk levels, could potentially contribute to such diversification. there are commission´s proposals in other areas. among them : the setting - up of an european monetary fund, which would take over the current functions of the european stabilization mechanism, eventually adding the role of common backstop for the single resolution fund ; the establishment of an european minister of finance, who would also be vice - president of the european commission and chairman of the eurogroup ; and the creation of a common stabilisation tool for investment, which should not preclude the future development of a genuine european budgetary capacity for economic stabilisation purposes. those are proposals that deserve careful consideration. moreover, the crisis has made it clear that the european budgetary framework is very complex, which highlights the need to simplify it. recent proposals, which seek to reduce the current excessive number of rules, by focusing on the public debt to gdp ratio, as a medium - term anchor, and to the expenditure rule, as an operational tool, seem promising. in any event, reinforcing the oversight and control of fiscal rules is necessary to ensure their fulfilment. the aim should be that the budgetary governance framework is able to encourage countries to generate room for manoeuvre during expansionary phases, so that the stabilising capacity of fiscal policy may increase in the euro area, as a whole, at times of crisis. 8 / 9 summing up : much work remains to be done in the coming months and years. we should make good use of the current benign environment to progress in our european integration agenda. much is at stake, most notably keeping our achievements alive, preserving our political, economic and social model, and ensuring a pivotal role for a united europe in an increasingly globalised world. 9 / 9

01. 07. 2022 closing ceremony of the academic year 2021 - 2022 centro de estudios monetarios y financieros ( cemfi ) pablo hernandez de cos governor good afternoon rector and colleagues. and good afternoon class of 2022. it is a pleasure for me to participate in this graduation ceremony together with carlos andradas, rector of the universidad internacional menendez pelayo, and rafael repullo, director of the cemfi. i would especially like to thank carlos andradas for being here today. as you know the main activity of the universidad internacional menendez pelayo takes place in the summer in the delightful, charming and vibrant city of santander ( you can take this description at face value, with no need to apply a haircut due to my own origins in the region ). so i greatly appreciate his coming to madrid to participate in this graduation ceremony. the partnership of the cemfi with the universidad internacional menendez pelayo, dating back to 2006, has been instrumental in improving our ability to attract first - rate students and the quality of our graduate programme, and i am very grateful for this. our society needs this constant drive for excellence, especially in the present circumstances. these are difficult times. following the covid - 19 pandemic and its economic consequences, the russian invasion of ukraine last february has provided a further negative shock, heightening uncertainty and worsening inflationary pressures and growth prospects. this is a particularly challenging environment for economic policy. to address current structural and cyclical challenges we need to rely on the analysis and advice of well - trained economists whether they are in the academia, in the public administration, central banks or the private sector. this is why it is so important to have academic institutions like cemfi, that produce groundbreaking research and invest heavily in boosting the single most important determinant of economic growth : human capital. students of the class of 2022, what you take from here – your knowledge and the tools needed to analyse and understand reality – is the accumulated capital stemming from what is probably the most important investment you will make in your whole life. you have invested your time and effort. and the yield on this investment will be a wide array of opportunities. but, above all, this human capital you now possess is something that nobody can take away from you. it will accompany you everywhere you go and you can apply it in every endeavour you may undertake.