petrol machines could not accept euro banknotes at first. however, this is being overcome. the changeover to the euro was done in different ways in different countries. naturally, help was required from all those who handle cash, and despite this there were long queues in many places. however, the customers seem to have accepted this with relative equanimity, perhaps because it was a holiday period and many had vacation at that point in time. the situation improved rapidly in the retail trade, but it took a little longer in the banks. the banks in a number of countries stayed open longer than usual to deal with the extra business, which was received positively. however, there have been reports that some banks did not wish to implement pure exchanges, but forced customers to deposit national currency in an account, only then putting the equivalent amount in euro at their disposal. this created some dissatisfaction that could have been avoided by giving customers more information in advance. in many countries the banks carried the heaviest burden, while in finland, a country whose use of cash is similar to sweden's, the retail trade had to shoulder a large part of the changeover, as the banks deal with cash to a relatively small extent. this example shows the importance of co - operation between the central bank, the banks, the post office, the retailers and other companies handling cash in order for a cash changeover of this scope to function. one important lesson is that the retail trade would play a major role in the introduction of the euro, particularly if swedish banks further reduce their cash management. the studies we have made of other countries'changeovers show that the retailers have chosen different approaches, as i am sure you already know. in some countries they have had, for instance, special exchange desks to avoid handling double currencies in the normal cash desks, something that has had varying results. on the whole, the turnover in the retail trade appears to have increased prior to the changeover, which is connected with an increased use of cash during the same period. many consumers have quite simply chosen to consume extra during the late autumn of 2001 to use up their national banknotes and coins. the rapidity of the changeover appears to have simplified it for the retailers, as the period of using two different currencies was relatively short. in sweden, the retail trade is already represented in the sifs group ( consultation and information with the financial sector ), which is led by the riksbank and as

gdp growth, generating around half a million jobs each year. in a context of subdued wage growth and low inflation, employment growth has supported disposable income and a recovery in consumer spending, which is now close to its pre - crisis level. export performance has substantially improved, helping to reduce external debt. the current account deficit of almost 10 % of gdp before the financial crisis turned into a surplus in 2012 and has remained positive throughout the recovery. the number of exporting firms has grown and exports now go to more destinations than in pre - crisis times. finally, wage moderation and low inflation are supporting competitiveness. in fact, the spanish economy recovered the competitiveness lost in the decade prior to the financial crisis. however, the recovery of the spanish economy may have passed its cyclical peak and downside risks have emerged. while still growing at a reasonable pace, the rate of economic expansion has slowed gradually in recent quarters. real gdp growth has decelerated in 2018 compared with the growth we have seen since the second half of 2014. this slowdown mainly reflects weakness in net trade. looking forward, global protectionism and weakening conditions in emerging markets represent further downside risks to growth. internally, the present low savings rate of spanish households and the need to restore savings in the near term, points to moderation in consumption going forward. let me point to the three main challenges that the spanish economy is facing at present, in my view. the first relates to the process of fiscal consolidation. while well advanced, it is still incomplete. the government deficit ratio is still the highest in the eu and it needs to be further reduced to bring the government debt ratio on to a downward path. in fact, adequate buffers need to be rebuilt now, in times of solid growth and favourable financing conditions. this would enable fiscal policy to support the economy in the event of any future shock. secondly, unemployment remains very high, as does the share of temporary employment. spain ’ s unemployment rate remains well above pre - crisis levels and is roughly the double of the euro area rate. this situation calls for further reforms to address the duality of the labour market and more effective active labour market policies to re - integrate young people and the long - term unemployed. finally, productivity remains low and needs to be raised to maintain economic growth and enable sustainable wage growth. productivity gaps between regions and between large and small firms point to regulatory fragmentation which still needs to be addressed. to enhance productivity, measures to increase