Fiscal threats in a changing global financial system
· Pablo Hernández de Cos, General Manager of the Bank for International Settlements (International)
Summary written by Dark Majestic in its own words · topics: financial stability, banking regulation and supervision, public finances and debt, trade, fragmentation and geopolitics
PH · Pablo Hernández de Cos Wiki · Bank for International Settlements WikiFiscal threats in a changing global financial systemContextLecture by Pablo Hernández de Cos, General Manager of the BIS, London School of Economics, London, 27 November 2025.
Why it mattersA BIS lecture on record public debt and the growing role of non-banks in government bond markets.
Problems raised- Sovereign debt is at post-war highs.
- Non-banks play a bigger role in bond markets.
- This creates new financial stability risks.
Solutions proposed- Use a careful mix of fiscal, monetary and prudential tools.
- Address domestic and international aspects together.
- Strengthen resilience of sovereign bond markets.
Read full speech on bis.org ↗More from Pablo Hernández de Cos · Bank for International Settlements · all speeches
More speeches by Pablo Hernández de Cos
Other leaders on financial stability
