Luis M Linde: The challenges of the Spanish economy Opening remarks by Mr Luis M Linde, Governor of the Bank of Spain, at the XXIII Meeting of the Financial Sector, organised by ABC, Deloitte and Sociedad de Tasación, Madrid, 19 April 2016. *  *  *  Introduction Let me begin by thanking Deloitte, Sociedad de Tasación and ABC for their kind invitation to deliver the closing address of this first session of the XXIII Financial Sector Meeting, devoted to analysing the challenge of profitability in an environment which is most definitely uncertain. I would like to address the situation of the Spanish economy and its main challenges. The recovery of the Spanish economy over the past three years has been one of the highlights of recent developments in the euro area. To explain it, we must consider both structural or more durable factors, and temporary ones, some of which have been given by the international context. The structural factors relate to the still-incomplete correction of the main imbalances built up during the last cyclical upturn and during the crisis, but also to the improved financial landscape. The job creation observed since 2013 has been a significant prop for demand and, by sustaining household disposable income, for the improvement in confidence. In the course of 2015 there was further progress in the ongoing deleveraging of households and firms, and Spain posted an external surplus or net lending, based largely on the gains in competitiveness achieved since the onset of the crisis.
This course will provide first and foremost, an overview of the international standards relating to AML/CFT supervision matters, operational aspects of the supervision work by incorporating publicly available case studies in the training modules, technical aspects of anti-money laundering and combating the financing of terrorism, supervision of banks, conduct of on-site and off-site bank supervision, and sharing of real bank cases on supervision on AML/CFT. BIS central bankers’ speeches  1  I do hope that aside from benefiting from the course, participants will make full use of these forums as a platform to network and exchange views on key AML/CFT supervisory issues, collaborate, compare practices and share relevant information. On that note, I would like to once again thank all of you here today for attending this workshop and for the speakers, Mr Stuart Yikona, Ms. Pramita Moni Sengupta, Mr. Mehmet Kerse, Ms. Desiree Ann Chereebin and Ms Leonora Emini who are willing to share your experiences for the collective benefits of everyone here attending the workshop. Our appreciation again to the Government of Canada for the support for this programme. I wish all of you a successful and productive workshop ahead and please take the time to explore Kuala Lumpur and its surroundings. Thank you and have a pleasant and enriching day ahead. 2  BIS central bankers’ speeches