The governor of the Bank of Spain, Pablo Hernández de Cos, stressed Monday that the Spanish economy has room to improve its level of innovation and digitalization, "especially in human capital."
At the opening of the day "Digitalization & Investment in Intangible Capital: The Spanish Case within the European Union" organized by the Bank of Spain and the European Investment Bank, Hernández de Cos added that this commitment to innovation is especially relevant given the low level of productivity of the Spanish economy compared to other European countries.
The governor has stated in his speech that digitalization can improve productivity, but at the same time lead to a greater concentration of markets, the polarization of the labor market – by disappearing middle-level training positions – or threatening cybersecurity.
In the specific case of the financial sector, Hernández de Cos has pointed out that new technologies can lead to efficiency improvements and allow new operators to enter, even if this involves altering the current market share.
The conference will also address the role of intangible assets, including research and development, which according to the governor may be more difficult to finance than other types of assets, so "the public sector can play an important role" of support through of education, providing highly qualified workers.
. (tagsToTranslate) Hernandez (t) Cos (t) improve (t) innovation (t) capital