Fiscal threats in a changing global financial system

全球化金融体系变革中的财政威胁

LSE: Public lectures and events

2025-11-27

1 小时 3 分钟
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Contributor(s): Pablo Hernández de Cos | Sovereign debt levels have increased considerably since the Great Financial Crisis, reaching historical post-World War II highs in many advanced economies. This has been accompanied by a growing presence of non-bank financial institutions in sovereign bond markets. This combination generates new financial stability challenges, which have both domestic and international aspects. This lecture will discuss how policymakers should address these challenges by employing a carefully selected mix of tools that spans fiscal, monetary and prudential policy.
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  • Welcome to the LSE Events podcast by the London School of Economics and Political Science.

  • Get ready to hear from some of the most influential international figures in the social sciences.

  • Good evening everyone and welcome to the London School of Economics.

  • To this, hello.

  • So my name is Silvana Tenreiro.

  • I'm a professor of economics here at DLSC and I'm delighted to welcome our speaker today,

  • Pablo Hernandez-Ecos,

  • who will deliver today's lecture on fiscal threats in a changing global financial system.

  • As many of you know,

  • Pablo became general manager of the Bank of International Settlements this summer following a distinguished term as governor of the Bank of Spain.

  • His international experience also includes membership in the Financial Stability Board,

  • the Group of Governors and Heads of Supervision,

  • the European Systemic Risk Board,

  • the European Union Economic and Financial Committee and the European Union Economic Policy Committee.

  • Alongside his policy work, Pablo has been a professor of economics at ESSE,

  • business school, and a fellow of Breugel and the Peterson Institute for International Economics.

  • In his lecture today,

  • Pablo will examine the evolving landscape of sovereign debt and its implications for global financial stability.

  • So a little bit of housekeeping.

  • Please put your phones on silent now.