You were in a very difficult place at an extremely difficult time, i.e. at the helm of the Spanish economy when the crisis that was triggered between 2007 and 2008 reached its peak and Mario Draghi uttered the magic words “…whatever it takes…”, which significantly calmed the markets.
As a second step, it might be helpful to look into macro-prudential options for moderating the volume of capital flows. Properly-designed and well-implemented macroprudential frameworks could play an effective role in alleviating the pro-cyclicality of capital flows. Last but by no means least, it is necessary to strengthen international cooperation.