Miguel Fernández Ordóñez: Mechanisms to prevent and manage banking crises in the future Speech by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, at the presentation of the report entitled “Mecanismos de prevención y gestión de futures crisis bancarias”, Fundación de Estudios Financieros, Madrid, 1 December 2011. *  *  *  The crisis still with us has seen the adoption of a broad package of financial measures at the global, European and national levels. The global response has had political backing at the highest level of the G-20. In the implementation of this response, a key role has been played by the Financial Stability Board (FSB), which has coordinated the work of numerous international institutions and committees. In Europe, in addition to the implementation of these global agreements on the continent, other worthwhile initiatives have been adopted. These include most notably changes in the supranational supervisory architecture. Finally, with regard to Spain, both the Banco de España and the Finance Ministry have contributed long and hard to implementing these global and European initiatives. But, to highlight a singular facet of the Spanish response, I should like to mention the restructuring of our financial system. I shall spare you my assessment of the numerous and substantial changes stemming from various fora that have marked progress in recent years. The authors of the book give a good account of this and, were I to repeat what they say, they might not be read.
B S B aims to link multiple platforms domestically and internationally, connecting buyers, suppliers, marketplaces, and service providers across economies If successful, the BSB experiment will demonstrate that the key to supply chain resilience is not to isolate and retreat behind borders, but to strengthen connectivity across borders even more. Resilient Industry The second dimension is a resilient industry – one that can continue to function in the face of disruptions and movement restrictions. Digitalisation is one of the ways in which an industry can build resilience. We have seen, amid the COVID-19 lockdowns, how firms which have gone digital earlier have managed to ensure business continuity, with the transition to working remotely and serving customers online. To ensure resilience, digitalisation needs to be end-to-end. If every part of a process is digitalised except one step which requires an in-person interaction, or a wet ink signature, or a payment in physical cash, then the “digital chain” is broken and resilience compromised. In financial services, this is what we have been aiming for: to be digital to the core. 3/7  BIS central bankers' speeches  Digital trade finance solutions are trying to achieve seamlessness, to help facilitate trade flows. At the Singapore FinTech Festival last year, a trade finance application portal was launched as a value-added service on Singapore’s Networked Trade Platform, which allowed traders and businesses to seamlessly apply for financing from nine banks.