The Role of central banks in managing financial crises in times of rapid change

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<title>Role of central banks in managing financial crises in times of rapid change</title>
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<namePart>Hernández de Cos, Pablo</namePart>
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<dateIssued encoding="marc">2026</dateIssued>
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<abstract displayLabel="Summary">Speech examining the role of central banks in managing financial crises in a rapidly changing economic and financial environment. It reviews lessons from recent crises and analyses how high government debt, the growing role of non-bank financial institutions and digital innovation may affect central banks' responses to future financial stress. It addresses challenges related to sovereign bond markets, emergency liquidity provision, asset purchases, stablecoins and the use of artificial intelligence in financial markets. It also considers policy responses based on fiscal discipline, financial regulation, central bank backstop facilities and international cooperation</abstract>
<note type="statement of responsibility">Pablo Hernández de Cos</note>
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<topic>Bancos centrales</topic>
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<topic>Crisis financieras</topic>
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<topic>Deuda pública</topic>
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<topic>Mercados financieros</topic>
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<text>5 October 2026 : 17 p.</text>
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