Fourth, taking a longer term perspective, beyond the current crisis, we need to continue to improve our understanding of monetary policy in a globalized world. What other important ingredients need to be considered when implementing monetary policy or when forecasting growth and inflation ahead? The role of external shocks is likely to become more important and needs to be considered more carefully. We need to find ways to anticipate these shocks including the future financial architecture and improve upon limitations in our foresight and in the forecasting ability of our models. Fifth, the role of policy makers in other countries which will add to these external shocks opens up room for greater policy coordination and cooperation at the international level. Like other previous crises, the current crisis is likely to be followed by discussion about intensive reforms at the international level. We should grab this opportunity to highlight the need for international cooperation in monetary policy in maintaining global financial stability. I don’t need to point out that international cooperation in the area of supervision is far ahead, both in normal times and in time of crisis. In order to secure international cooperation in monetary policy, we need more research and dialogues on how to make early warning and surveillance really work at a global level. In addition, coordination may not be enough; a redesign of global financial architecture may be necessary, and we need to work on this area as well.
30 November 2017  Speech on the 60th Anniversary of the National Association of Specialised Lending Institutions (ASNEF) Luis M. Linde Governor  Good evening everyone. It is a pleasure for me to take part in this celebration of the 60th anniversary of the National Association of Specialised Lending Institutions. As your president, Fernando Casero, has just mentioned, throughout its history your Association has played a very important role in promoting and enhancing consumer lending, which is a key factor in driving economic growth. Indeed, consumer lending has a series of characteristics that make it especially relevant both for the financial system and economic activity. On the one hand, it is highly cyclical and is, therefore, a leading indicator of confidence among both consumers and financial institutions. On the other, it generally leads the way in terms of adaptation to innovation. As is well known, in the past consumer lending played an important part in the expansion of credit cards, and more recently it has been at the forefront of the incorporation of new technologies. In the expansionary phase that began after 2000, consumer lending grew rapidly in Spain, reaching a balance outstanding of € billion in mid-2008. The financial crisis reduced these figures, down to almost half that amount by early 2015. Since then, in keeping with the economic recovery, consumer lending has been very dynamic.