BIS central bankers’ speeches  Nevertheless, from an economic point of view, Switzerland still has a major interest in a strong banking centre of international importance. However, great efforts are required to ensure that the Swiss banking centre can remain successful in the global arena in the future. It is the banks themselves which are mainly challenged. They must ensure that their services provide customers with value added which is well above average. At the same time, their crisis resilience must be considerably above average and their business conduct and reputations far beyond reproach. In this respect, politicians can support the banks. However, industrial policies in the area of finance should be avoided. Support for banks should rather come through the creation of an appropriate combination of business conditions. The emphasis should be on measures which strengthen the crisis resilience and reputation of both Switzerland and its banking centre in the long term. In my view, this can be achieved if the TBTF issue is alleviated, Switzerland’s stability in general preserved, and both the privacy of honest tax-paying bank customers and global market access for banks guaranteed. I believe that all players are aware of the major efforts that this requires. I am therefore confident that in addition to looking back over a great past, the Swiss banking centre can look forward to a successful future. References BAKBASEL 2013. Die volkswirtschaftliche Bedeutung des Schweizer Finanzsektors. Cihák, Martin et al. 2012. Benchmarking Financial Systems around the World. World Bank Policy Research Working Paper No. 6175.

Spain stands out as the euro area country where consumer lending has grown most in recent years, with year-on-year growth rates since April 2016 of between 10% and 16%, well above the euro area average of 5%. This growth is making an important contribution to economic recovery in Spain. In September, the balance outstanding of consumer lending was € billion, 6.7% of GDP. In addition, this growth in consumer lending is being achieved in a more competitive environment, with lower interest rates, accommodative conditions and narrowing margins on average loans. Moreover, default rates are below the average for lending as a whole in Spain. Another feature of this expansion is its adaptation to the new environment resulting from the entry into the financial system of firms that make intensive use of new technologies, with a particular impact on the financial sector. Your Association has attached particular importance to analysis of the challenges that these firms pose, through seminars, the work of various committees and the preparation, last year, of a comprehensive report on consumer lending and the digital society, initiatives that the Banco de España naturally applauds. Financial institutions must take up the challenge of responding to the new digital reality, with e-commerce (which is growing at rates of over 20% and amounted, in 2016, to € billion) now being used by more than one-third of consumers for their purchases. Clearly, these new firms with their strong technological capabilities pose a challenge and also an opportunity for established firms.