its interest in spanish economic history through its annual research grants programme, financing the collection of estudios de historia economica ( or, in banco de espana parlance, “ the red books ” ). there are now 72 of these studies, the first ones dating back to 1980. the aim of the banco de espana with this collection is to disseminate economic history papers written by its own staff or by researchers to whom it has awarded grants, in order “ to enhance knowledge of spanish economic history, paying particular attention to quantitative aspects ”. a detailed review of the collection shows that both spanish and foreign historians have collaborated in the project, covering an agenda that includes modern and contemporary issues. although the collection is open to all kinds of quality research, monetary and financial topics predominate. now, i would like to say a few words about our library, which has played a key role in our economic history studies and research. it was set up in 1931, and from the first half of the 1970s professor rojo promoted the formation of a highly specialised library, stepping up the acquisition of new collections and the modernisation and expansion of its services. 3 / 4 the most prized section of the library, the so called fondo de especial valor, comprising more than 16. 000 pieces from the 14th to the 19th centuries ( now in the process of digitalization ), is a testimony to economic thought and practice in spain and europe ; its content encompasses 16th century merchants ’ instructions, writings of the school of salamanca, the publications of the 17th century arbitristas and the works of 18th century enlightenment thinkers. the collection of royal decrees and proclamations ( around 4, 000 documents, including the 1745 - 1796 compilation ordered by the count of campomanes ), dealing mainly with fiscal, mercantile and monetary matters, enriches the library ’ s scope with the perspective of legislation topics. the fact that these collections are complemented by others, such as the goldsmiths ’ - kress library of economic literature and the king ’ s college collection of the papers of j. m. keynes, both on microfilm, makes the library an excellent repository for undertaking any study of economic history. let me conclude with a few words about today ’ s iii seminar of economic history that we are opening now. as you can see in the programme, we have about thirty participants from a dozen universities, central banks and research centres. economists from the banco de espana are participating as authors and also as discuss

meant for the long - term. • cyclical measures include mas ’ ltv limits and mof ’ s stamp duties. they are designed to prevent households from over - extending themselves in purchasing property during periods of rapid price increases or elevated prices. cyclical measures can be recalibrated according to market conditions. 29 it is too early to unwind cyclical measures as the risk factors have not changed. bis central bankers ’ speeches • property prices remain at elevated levels. prices went up 60 % over last four years but have declined by just 3. 3 % over the last three quarters. • global interest rates are still at historical lows. relaxing property measures in the current easy liquidity environment may set off another spiral of price increases. • the level of debt among highly leveraged households remains high. for these highly leveraged households, reducing the level of leverage will take time. they need to work with their banks and commit to debt repayment plans. 30 hence on the whole, mas ’ assessment is that it is premature to ease property cooling measures now. it is important that we secure the gains we have made in stabilising the market and restoring financial prudence. comprehensive measures to safeguard interests of consumers of financial products 31 on the financial regulatory and supervisory front, i will focus on measures being taken to safeguard the interests of consumers of financial products. 32 several measures were announced recently and some will be announced soon. let me set the context for these measures – motivating factors, overall approach, and how the various pieces fit together. 33 three trends are shaping market for financial products. • low interest rates globally have spurred investors to seek better returns. • growing affluence and financial awareness have generated greater demand for a broader range of retail investment products. • there has been an increased sophistication and variety in financial products offered to retail public. 34 against this backdrop, mas is taking a multi - pronged approach to safeguard consumer interests. first, we are enhancing regulatory safeguards for retail investors in unconventional investment schemes. second, we will facilitate retail access to simple, lower cost products. third, mas will help to empower consumers with enhanced disclosure and information access. fourth, we are raising standards of financial advice to consumers. 35 mas issued a consultation paper earlier this week with proposals on the safeguards for retail investors in unconventional investment schemes. let me elaborate here on our thinking and rationale. 36 many retail consumers have ventured into unconventional and unregulated