Current Position & Biography
Margarita Delgado is Senior Lecturer of Financial Management at IESE Business School. She previously served as Deputy Governor of the Banco de España from 2018 to 2024. Her current academic role and former regulatory responsibilities are distinct: this profile does not present her as a serving central-bank official.
IESE’s biography records earlier senior supervisory work at the European Central Bank’s Single Supervisory Mechanism and Banco de España. During her deputy governorship, she served on the ECB’s Supervisory Board and held responsibilities involving deposit protection, bank resolution and financial-market oversight. This background informs her public analysis of how cryptoassets interact with banks and the wider financial system.
Notable Contributions
Delgado’s October 2025 article, “Stablecoins: Stable but not silent”, published by the Systemic Risk Centre, examines stablecoin business models, banking-sector involvement and supervisory challenges. It connects their use in crypto trading with broader applications such as payments and remittances. It also considers tokenised deposits and the potential of distributed-ledger technology for financial infrastructure.
The article does not treat stable value as a guarantee of safety. It argues for coordinated supervision and discusses the risks created by inconsistent rules across jurisdictions. Its conclusions are her published policy analysis, not a regulatory ruling or endorsement of any issuer. Market-size estimates in that dated article should not be treated as current figures, and this profile does not reproduce them.
In April 2024, the Financial Stability Board identified Delgado as co-chair of its Regional Consultative Group for Europe. The group’s Dublin meeting considered implementation of the international crypto-asset regulatory framework, cross-border supervisory challenges and preparations for European and UK rules. These were collective discussions involving financial authorities; the record does not establish that Delgado individually authored the resulting international standards.
Her engagement continued after leaving the central bank. The Madrid Bar Association’s account of its November 2024 International Congress on Digital Assets and the Financial Sector records her lecture on cryptoasset integration, regulation and the role of central banks. The account also describes discussion of the digital euro and emerging financial technologies. This is evidence of her participation in professional policy education, not a claim that she controlled the legislative outcome.
Earlier, in an August 2022 CEBRA keynote reproduced by the BIS, Delgado discussed central-bank money in the digital age. That speech provides a historical reference point for her approach to public money and financial stability. Central-bank digital currency, privately issued stablecoins and unbacked cryptoassets are different instruments, and her work should not be read as treating them interchangeably.
Why Katharos Is Following Them
Delgado offers a supervisory and academic perspective on the connections between digital assets and established financial institutions. Her work helps frame questions about which activities need safeguards, how banks participate, and where cross-border coordination is necessary.
Areas to Follow
Relevant areas include her published stablecoin analysis, tokenised bank liabilities, the interaction between digital-asset markets and bank supervision, and her contributions to professional education. Future commentary should be dated and separated from positions she held while in public office.
Reporting Scope
Coverage focuses on documented publications, speeches and institutional roles. It does not imply current regulatory authority, personal authorship of collective standards, or investment advice.
Katharos Category
Policy & Regulation
Photo Credit
Archival photograph: Universidad de Navarra, “20190429-070-”, April 29, 2019. CC BY-SA 2.0. Cropped and resized; adaptation shared under the same license. Original photograph: Source 6; license: Source 7. No individual photographer is identified in the source record.