Regulatory response In addition to the actions of the macroprudential authorities, there is no doubt that the public sector response has been, overall, countercyclical and expansionary, helping to cushion the impact of the crisis on the economy. This response has been very different from the one to the financial crisis. The unconventional measures taken by central banks and governments have been particularly noteworthy. But regulators and supervisors have also acted decisively in response to the environment of extreme uncertainty besetting us. Unlike in the case of the global financial crisis, international regulators have tried to act as coordinated as possible. This has been essential in order to foster financial stability and maintain a level playing field in an increasingly interconnected world. A large part of this response has focused on enabling the financial sector to supply the liquidity necessary for the business fabric to be able to survive in the short term. In Europe, a range of measures have been taken, including notably the “quick fix” package of banking rule amendments.
27.11.2020  Opening address of the 19th Conference – Club de Gestión de Riesgos de España Margarita Delgado Deputy Governor  Introduction Many thanks to the Risk Management Club for their kind invitation to open this annual conference. We are now into its nineteenth edition that, inevitably, will focus on the new challenges in the aftermath of COVID-19. The title of this conference refers to the “new world” that will be awaiting us after overcoming the crisis caused by the pandemic. Needless to say, we all wish that this happens as soon as possible. It may seem a little excessive to talk of a “new world” after the pandemic, but I believe to some extent it will be. We should remember that crises are periods of change, in which what is established is called into question. Each crisis is certainly different from previous ones. Or rather it should be different, at least if we supervisors, regulators and banks learn from the past and avoid making the same mistakes. In any event, it seems we have now been hearing the word “crisis” more than ever for over a decade. Until relatively recently, when we referred to “the crisis” we had the global financial crisis in mind. Now, sadly, we must clarify which crisis we are talking about. It could be said that the society we live in may be the result of how we have tackled and resolved each of the crises we have faced.