Second, in coming years the implementation of the structural reforms identified in the 10th Development Plan aims to address the structural causes of inflation and hence is expected to support disinflation process. Finally, the Food Committee (the Food and Agricultural Products Markets Monitoring and Evaluation Committee) was founded in December 2014 with an objective of identifying policies to alleviate the contribution of structural and cyclical factors to elevated food inflation. Of course, the credibility of monetary policy is key to achieve price stability. Therefore, let me devote the final part of my talk to explaining our policy strategy to cope with current challenges. Like most EMEs Turkey has also been facing tightening external financial conditions since May 2013 and accordingly introduced several mutually complementary policies and announced a “road map” document back in August 2015 outlining monetary policy, foreign currency liquidity and financial stability related measures.
05.10.2018  The challenges to the Spanish banking industry Conference on banking, profitability and monetary normalisation /Universidad de Deusto, KPMG and El Correo Pablo Hernández de Cos Governor  Good morning. Let me first thank the organisers for their kind invitation to me to participate in this Deusto University event. It is a pleasure to be here with you today and to share some thoughts on the Banco España’s view of the main challenges currently facing the Spanish banking industry. As is well known, credit institutions were greatly affected by the last crisis. This was manifest in a strong rise in impaired assets, including both non-performing loans and real estate foreclosures, and in a significant fall-off in profitability, which even turned negative in 2012. To address these problems it was necessary to undertake intense recapitalisation and restructuring in the industry. As a result, there has been a notable and generalised improvement in Spanish banks’ financial position. Also contributing here have been the recent roll-out of an extensive package of regulatory measures and the favourable course since 2013 of the macroeconomic setting and financial conditions, assisted by the ECB’s monetary policy measures and by other actions at the European and domestic levels. The Spanish banking industry’s improved financial position in recent years can clearly be seen both in terms of asset quality and in its profitability and solvency levels.