financial intermediaries ( ofi ) sector plus money market funds ( mmfs ) minus investment funds other than mmfs. the ofi sector comprises all financial institutions other than those included in the monetary financial institutions ( mfis ) and the insurance corporations and pension funds. bis central bankers ’ speeches let me provide some evidence of key trends in euro area money markets with a series of charts. 10 stress in the unsecured money market segment continued beyond 2008, with a reduced turnover and preference for lending at shorter maturities, which carry relatively less risk for the lender ( chart 3 ). more generally, the share of interbank liabilities in the total assets of monetary financial institutions ( mfis ) domiciled in the euro area has exhibited a declining trend since the fourth quarter of 2008 ( chart 4 ). the levels are still below those observed in the pre - crisis period. the euro repo market also experienced tightening conditions in 2008, characterised by declining volumes, the exclusion of some securities from the pool of eligible collateral, as well as the exclusion of some counterparties by means of larger haircuts and margin requirements. after a drop in 2008, volumes started increasing from 2009 onwards, reflecting to some extent a shift from unsecured to secured funding, which gives lending banks more protection against counterparty credit risk. 11 before the crisis, financial markets in the euro area were integrating rapidly. according to the financial integration indicators developed by the ecb, euro area money markets achieved the fastest and most complete integration. 12 however, as liquidity dried up in the money markets, a tendency for a “ home bias ” in interbank lending arose. this tendency intensified with the onset of the sovereign debt crisis for banks domiciled in fiscally strained euro area countries. the nationally based government support schemes may have contributed to this phenomenon. chart 5 shows that, after a steady decline since the end of 2004, the share of domestic interbank liabilities in total interbank liabilities in the euro area started rising in the first half of 2008. the unweighted average of the shares across euro area countries then stabilised around the same levels, while the weighted average ( driven by the largest countries ) continued along an upward path. with regard to cross - border euro area interbank liabilities ( that is, interbank liabilities coming from other euro area countries ), after a fall in the last quarter of 2008, the share remained broadly stable ( chart 6 ). at the

07. 07. 2022 1st banco de espana conference on the spanish economy – welcome address banco de espana pablo hernandez de cos governor good morning and welcome to the first banco de espana conference on the spanish economy. let me announce in advance that our intention is for this conference to take place on an annual basis and for it to be our flagship conference in relation to the spanish economy. let me first elaborate on the motivation behind the organisation of this conference and i will then focus briefly on the topics that have been chosen for discussion this year. the main aim of this conference is to bring together leading scholars and policymakers to discuss frontier research on the challenges facing our economy and the policy options to address them. the rationale for doing this is our understanding of the importance of the interaction between economic policy and applied research as a crucial tool to support the design and development of economic policies, as well as the evaluation of their effects. indeed, high - quality research is an indispensable tool for advising on and adopting sound policymaking decisions. this is generally well understood in the central banking community, where research produced by central banks plays an important role in policymaking and the interaction with the academic community is usually very strong. at the banco de espana this is indeed the case, including first by promoting research within the institution. this is something we have tried to further enhance during the last years. hence, according to the ideas - repec citation index, when our entire research activity is considered, the banco de espana currently ranks second among spanish economic research centres. and among our central bank peers worldwide our research production ranks very high as well as within the eurosystem. our collaboration with other researchers and institutions is also very strong. for example, the banco de espana has been organising an annual research conference since 2017, assembling leading scholars and policymakers to discuss cutting - edge research on relevant topics at the global level. past editions of this conference have covered topics such as the way forward for emu architecture, tax and transfers systems ( jointly with the institute of fiscal studies ), and the measurement, causes, and consequences of market power in the digital era. our ties with cemfi are also crucial in this regard, not only as we provide the financing for this top - ranked institution but also as they ensure close contact among the researchers at both our institutions. a third dimension of our research activities is based on our conviction that high - level research relies critically on the availability of detailed and accurate statistics