José Luis Escrivá: Capital flows, exchange rates, and geopolitics – the value of trust in a changing global order Speech by Mr José Luis Escrivá, Governor of the Bank of Spain, at the Spain LatAm Economic Forum, Roda de Bará, 9 May 2026.
Let me start by thanking all of you for the quality of the discussions we have had over the last two days. We have discussed how central banks should understand and factor into their analysis a world in which two major forces are reshaping the environment in which we operate. The first one is a transformation in the geoeconomic order.
The second one is a profound shift in the technology that underpins money, payments and finance. Let me begin with the geoeconomic dimension. Our discussions have highlighted a defining feature of the current environment: we are operating in a world that is gradually moving from multilateral cooperation towards an environment in which economic and financial tools are increasingly used as instruments of pressure.