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27Nov

Fiscal influences over macro-financial stability

Hosted by the Centre For Macroeconomics
In-person and online public event (Old Theatre, Old Building)
Thursday 27 November 2025 6.30pm - 7.45pm

In many advanced economies, large public deficits co-exist today together with the legacy public debt from the pandemic. This lecture will discuss how this situation affects macro-financial stability, how it puts strains on the financial sector, and how it constrains macroeconomic policy. There are both local and global components to this challenge, which put the international financial system at the centre of any of the possible scenarios.

Meet our speaker and chair

Pablo Hernández de Cos became General Manager of the BIS on 1 July 2025 for a five-year term.

Prior to taking up this position, he was Governor of the Bank of Spain and a Member of the Governing Council of the ECB (2018–24), Chair of the Basel Committee on Banking Supervision (2019–24) and Chair of the Advisory Technical Committee of the European Systemic Risk Board (ESRB) (2019–25). He has also been a member of various international committees, including the Financial Stability Board and the Group of Governors and Heads of Supervision, and was chair of the Board of Governors of the Center for Latin American Studies. He was also a member of the ESRB and the European Union’s Economic and Financial Committee and Economic Policy Committee. In addition, he was Vice-Chairman of the Board of the Spanish Macroprudential Authority Financial Stability Board (AMCESFI).

He holds a PhD in economics from Complutense University, Madrid, a degree in Economics and Business Studies from CUNEF and a degree in law from UNED. He was a Professor of Economics at IESE Business School and fellow of the think tanks Bruegel and Peterson Institute for International Economics.

Ricardo Reis (@R2Rsquared) is the A W Phillips Professor of Economics at LSE. Recent honours include the 2022 Carl Menger prize, the 2021 Yrjo Jahnsson medal, election for the Econometric Society in 2019, the 2017 BdF/TSE junior prize, and the 2016 Bernacer prize. He is an academic consultant at the Bank of England, the Riksbank, and the Federal Reserve Bank of Richmond, directs the Centre for Macroeconomics, and serves on the council or as an advisor to multiple organisations.

More about this event

The (@CFMUK) is a research centre that brings together a group of world class experts to carry out pioneering research on the study of nations’ prosperity, and the crises that afflict them, helping to design policies that will create a healthier and more resilient economy.

Join us on campus or register to watch the event online at LSE Live. LSE Live is the home for our live streams, allowing you to tune in and join the global debate at LSE, wherever you are in the world. If you can't attend live, a video will be made available shortly afterwards on LSE's YouTube channel.

The hashtag for this event is #LSEEvents

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