The governor of the Bank of Spain, Pablo Hernández de Cos, has been elected president of the Basel Committee on Banking Supervision (BCBS, by its abbreviations in English), the maximum world-wide organization that reunites to the main authorities of banking supervision and that watches to fortify the solidity of the financial systems. Hernandez de Cos will replace the governor of Sweden, Stefan Ingves, who leaves office after completing the two terms of three years that can be held in the maximum.
The election of the governor of Bank of Spain, that like his predecessor may be in office two terms of three years, is an important boost to the financial prestige of our country, severely punished after financial crisis and scandals in savings banks. The governor himself had made it a priority to recover the influence of the institution at the international level and to reach the presidency of the Basel Committee is an important milestone, since it is the highest forum for discussion on issues of banking supervision. In addition, the presidents' choice is made by the governors themselves, leaving the office totally oblivious to political interference. Jaime Caruana He also held the Chair of the Committee between 2003 and 2006.
Currently, the Basel Committee is constituted by the governors of the central banks of the G-10 countries – Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States – in addition to Luxembourg and Spain. Among its functions is the formulation of general supervision rules, as well as recommendations and statements of good practices in banking supervision. Standards that are generally applicable in all financial systems, including by countries that are not part of the Committee.
The appointment of Hernández Cos is also produced after the election of José Manuel Campa, Secretary of State for the Economy from 2009 to 2011, as the new president of the European Banking Authority (EBA) after a selection process in which "their merits , skills, knowledge of financial institutions and markets, as well as relevant experience in the supervision and regulation of financial markets, "explained the EBA.