The Bank of Spain published a recording and text of Governor José Luis Escrivá’s introductory remarks at the 9th Annual Conference of Mediterranean Central Banks in Cairo, where he set the discussion against a fragile global outlook and argued for strengthened multilateral cooperation as policymakers navigate heightened uncertainty. In his remarks, Escrivá pointed to ongoing wars in Ukraine and the Middle East and rising geopolitical tensions, including uncertainty linked to United States tariff moves, as key risks to global growth. He outlined the near-term policy agenda as central banks pursuing monetary policy normalization on a data-dependent, meeting-by-meeting basis, alongside fiscal authorities addressing high debt and borrowing costs through credible consolidation, with structural reforms needed over the medium term to support the green and digital transitions. He also previewed the conference programme under the theme “Harnessing Innovation and Integration for Sustainable and Inclusive Development in the Mediterranean Region,” covering artificial intelligence in finance, financing the green transition, financial inclusion with a focus on women entrepreneurs and SMEs, and deeper Mediterranean financial integration through reduced regulatory fragmentation and improved digital infrastructure.

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