Santiago Fernández de Lis
Head of Regulation
Santiago Fernández de Lis was Head of Financial Systems and Regulation at BBVA Research. Since January 2019 he moved to Regulation and Internal Control, in the Regulation unit.He is also Chairman of the Banking Stakeholders Group of the European Banking Authority (EBA).From2007 to 2011 he was partner and Director of the International Department of Afi, a consultancy and think tank.He joined the Banco de España in 1986, where he held several management positions, among them Head of the Monetary and Financial Division and Director of the International Department (2001-2007)Between 1998 and 2000 he worked in the Bank for International Settlements (BIS) in Basel, in the secretariat of the Committee of the Global Financial System (CGFS).He is an economist from Universidad Autónoma de Madrid and he was a lecturer in Universidad Carlos III (Madrid).He is the author of several papers and publications on financial stability, financial regulation, monetary policy, international economics and central banking.
The debate on Central Bank Digital Currencies (CBDCs) was triggered by the emergence of cryptocurrencies like Bitcoin on the one hand, which may compete with traditional central bank money, and the trend towards the disappearance of cash in some countries on the other hand.
The emergence of cryptocurrencies is opening the way to Central Bank Digital Currencies (CBDCs). This paper highlights the pros and cons of issuing CBDCs under four different variants: from the more modest proposals to the most ambitious ones where there could be a serious disruption in financial intermediation.
Digital transformation has opened the financial services market to new kinds of providers with great disruptive potential, including big technology companies. This article explores how the scope of that integration is conditioned by regulation, data access rules and competition policy.