the temperature drops, we find ourselves with a new, stronger global economic architecture. i´m convinced that, among the students graduating today at barcelona gse, there is a good number of molders who will contribute crucially to this endeavor in the following decades. thanks you in advance for this contribution, congratulations to all and good luck. see a. espitia, a. mattoo, n. rocha, m. ruta and d. winkler ( 2021 ), pandemic trade : covid - 19, remote work and global value chains, policy research working papers, no 9508, world bank 2 www. ecb. europa. eu / press / key / date / 2017 / html / ecb. sp170825. en. html 3 www. oecd. org / officialdocuments / publicdisplaydocumentpdf /? cote = eco / wkp ( 2018 ) 63 & doclanguage = en # : ~ : text = we % 20find % 20that % 20the % 20eu % 20ets % 20led % 20to % 20a % 20statist 4 / 4 bis central bankers'speeches

margarita delgado : transparency in the banking sector speech by ms margarita delgado, deputy governor of the bank of spain, at the banking law conference, organized by the malaga lawyers ’ association, 4 june 2021. * * * i should like to thank the malaga lawyers ’ association for their kind invitation to close this conference on banking transparency. i think this is the first time since march last year that i have set foot out of madrid to attend an event. and i must admit that leaving my office for malaga added allure to the invitation. the subject chosen for this conference is highly topical and relevant. transparency is certainly needed for there to be effective competition between banks, and it is a central feature of the framework of conduct that should govern the relationship between banks and their customers. clearly, too, banks ’ massive dealings and business formalised through standard form contracts call for legal certainty to be ensured. further, the necessary standardisation and speed of dealings must always be compatible with maintaining a high degree of protection for the end - customer, especially where individuals are concerned. regulatory developments it may seem to us that transparency obligations go hand - in - hand with banking business. but the reality is that such obligations were introduced little more than three decades ago. not so far back, a controlled system of fees and interest rates was in force. the 1946 banking act delegated the setting of bank charges to the finance ministry. this remained the case until charges were partially liberalised in 1981. i say partially because there were still some restrictions on the remuneration of sight deposits and the setting of certain commissions. we had to wait until 1987 until deposittaking institutions were free to set interest rates and commissions, with such freedom becoming extensive to all credit institutions two years later. naturally, following liberalisation, the need to regulate transparency in relation to the setting of and changes to interest rates and fees became particularly important. it was also necessary to better clarify customer rights, and to establish reporting obligations to the banco de espana. in this respect, law 26 / 1988 on the discipline and intervention of credit institutions set in place the regulatory powers for establishing a transparency regime, which was implemented by a ministerial order dated 12 december 1989. banco de espana circular 8 / 1990 on the transparency of operations and customer protection finally drew all these legal strands together. among other aspects, this circular included for the first time the need to publicise the famous apr, whose aim was and still is to allow customers to make a uniform comparison of return or cost among different