Conference puts dollar dominance and stablecoins on the agenda
The Bank of Spain will hold its ninth Annual Research Conference in Madrid on November 30–December 1, 2026. Governor José Luis Escrivà will open the event, which focuses on structural change in the international monetary system and challenges for central banks.
From dollar dominance to digital liquidity
The conference takes place in Sala Hemiciclo II. On November 30, registration and lunch run from 13:00 to 13:45, followed by Governor José Luis Escrivà's welcome until 14:00. Javier J. Pérez chairs the session on dominant international currencies, covering dollar-driven global co-movement and the fragility of government funding advantages.
James Costain chairs the digital-assets session, covering stablecoin flows, foreign-exchange spillovers and liquidity provision by stablecoins and central bank digital currencies.
From 18:30 to 19:30, Giancarlo Corsetti delivers the keynote on US risk and Treasury convenience, chaired by David López Salido.
His co-authors are Simon Lloyd, Emile Marin and Jon Ostry.
The speakers' dinner starts at 20:30.
Sovereignty meets capital market integration
December 1 starts at 9:00 with Jaime Martínez Martín chairing papers on stablecoins and monetary transmission, and the international monetary system and safe assets.
Irina Balteanu chairs the capital-markets session from 11:20. Chenzi Xu and Sarah Quincy present on capital mobility and long-run growth; Giovanni Bonfanti and Juri Marcucci examine investors and a European safe asset.
The event ends at 13:30 with lunch.
Balteanu, Costain, López Salido, Martínez Martín and Ernesto Villanueva form the organizing committee.
An agenda, not policy guidance
The program brings currency dominance, digital liquidity and safe-asset demand into one research agenda.
It lists presentations and discussants but contains no findings, policy decisions or recommendations.
The document therefore establishes the scope of discussion, not the central bank's position on these questions.