Hernández de Cos anchors BIS 100 in non-bank debt and tokenisation
Pablo Hernández de Cos has outlined the BIS 100 strategy running through 2030 for the Bank for International Settlements. In an interview on October 5, 2026, he prioritized non-bank debt risks, artificial intelligence and tokenisation for central bank research.
A roadmap to the 2030 centenary
The BIS 100 strategy succeeds the framework led by Agustín Carstens and extends to the centenary of the Bank for International Settlements in 2030.
General Manager Pablo Hernández de Cos structured the roadmap around rising economic complexity, pointing to “uncomfortably high levels of public debt” and expanding non-bank financial intermediation alongside supply shocks and geopolitical tensions.
Rapid technological change represents another key driver, encompassing artificial intelligence and tokenisation.
Under the plan, the institution maintains four operational activities: delivering economic insights, convening central bank dialogue, experimenting with technology, and providing banking services.
Mapping non-banks and tokenised deposits
The BIS Monetary and Economic Department will concentrate on four distinct research streams.
The first tracks technology, analyzing stablecoins and tokenised deposits.
The second examines global finance, specifically non-bank entities intermediating sovereign debt and their linkages to commercial banks.
The third investigates structural shifts, including artificial intelligence, demographic aging, and geopolitical fragmentation.
The fourth evaluates regulatory measures to assess their effectiveness and unintended side effects.
Right diagnosis, distant leverage
The BIS correctly identifies the dangerous nexus between sovereign borrowing and non-bank intermediaries.
Yet diagnosing vulnerabilities does not close the gap between research and actionable oversight.
Without national enforcement, this ambitious roadmap risks remaining a purely analytical exercise.