, etc. ) and its strategic importance render this option impracticable. launching the digital euro would therefore require a new platform, managed by the eurosystem, to be developed to settle transactions. no decision has so far been made on the type of supporting technology that should be used. we are open to any option that provides the necessary guarantees, and the very act of selecting providers will help us reach a decision. lastly, some matters will continue to be analysed from both a theoretical and practical standpoint during the preparation phase. for example, it has been agreed that the eurosystem will not have access to end - user data, so that it will not be able to see customers'digital euro balances or transaction details. however, guaranteeing this level of privacy is no mean feat. we must therefore make headway in assessing the different options technology affords. other matters will also be examined over the next two years, such as how to ensure the optimal user experience and digital euro access for everyone that wants it, irrespective of their level of financial and digital inclusion. in any event, i wish to stress that the decision to proceed to the preparation phase does not mean we have decided to issue the digital euro. mindful, as i mentioned earlier, of the strength of the payments market and the complexity of a project of this scope, our aim is to be as ready as possible to respond swiftly, if necessary. i must also state that any decision on issuing a digital euro would always be conditional on the existence of an appropriate regulatory framework. 6 / 8 bis - central bankers'speeches progress has also recently been made on this front. in my address two years ago i referred to the european commission's support for the digital euro project as a driver of the european union's digitalisation and, with it, the modernisation of the spanish economy. today i can say that this support has materialised in the form of a draft legislative proposal that was adopted last june and, once passed, will provide the necessary legal framework for the potential issuance of a digital euro. at the eurosystem, we will continue to work with the co - legislators to ensure that sound and consistent legal foundations are laid. we are aware that the legislative process is complex and that we cannot anticipate how long it will take. what we do know is that any decision on issuing a digital euro must wait for such legislative framework to be adopted. cooperation : the key

pablo hernandez de cos : close of the 2019 / 20 academic year speech by mr pablo hernandez de cos, governor of the bank of spain and chair of the basel committee on banking supervision, at the centro de estudios monetarios y financieros ( cemfi ), madrid, 10 july 2020. * * * good afternoon class of 2020. good afternoon dear colleagues, friends and families. it is a pleasure for me to participate in this virtual graduation ceremony together with mari luz moran, rector of universidad internacional menendez pelayo, susanna esteban, director of the master program, and rafael repullo, director of cemfi. i would especially like to thank the rector for being here today. the partnership with universidad internacional menendez pelayo dating back to 2006 has been instrumental in improving our ability to attract excellent students and the quality of our graduate program, and i am very grateful for this. before i begin, let me acknowledge everyone whose hard work has made this online celebration possible, especially the cemfi administrative and it staff. the world into which this class of 2020 is graduating is a fundamentally different one from what we expected just a few months back. the coronavirus pandemic has caused the loss of many lives and affected the livelihood of millions of people worldwide. our economies and our societies have suffered heavily – indeed, on all available forecasts, this year will see the biggest declines in gdp recorded in peacetime – and we will have to endure a period of painful reconstruction for which sound knowledge and also good judgment will be essential. 1 / 1 bis central bankers'speeches