Pablo Hernández de Cos

Pablo Hernández de Cos serves as governor of the Banco de España and is a member of the ECB Governing Council. He previously served as chairman of the Basel Committee on Banking Supervision, where he helped develop and refine the post-financial crisis banking regulatory framework including capital requirements, liquidity standards, and stress testing methodology. His economic research spans financial stability, fiscal policy, and Spanish economic dynamics. He is a frequent participant in G20 financial regulatory discussions. His academic background includes a doctorate in economics and extensive research output on fiscal sustainability, banking regulation, and monetary-fiscal interactions. He joined the Banco de España in 1999 and held various research and policy roles before becoming governor in 2018. At the Basel Committee, he chaired the completion of the Basel III reforms — the final package agreed in December 2017 that set binding constraints on banks' use of internal models for calculating capital requirements. These reforms, sometimes called "Basel IV" by industry, were among the most consequential post-crisis regulatory changes for global banking. His dual role as a national central bank governor and active participant in international regulatory standard-setting has given him unusually broad influence across European and global financial regulatory policy.