third quarter of this year spain posted its first positive quarter - on - quarter rate of change in gdp since mid - 2011. in the past two quarters, consumer spending has shown signs of stabilising, and even of picking up slightly. this positive trend should continue over the coming year, although the need for households to carry on reducing their debt will probably check the expansionary behaviour of this demand component. turning to the external sector, which remains our main source of growth, the adjustment of relative costs and prices under way in the spanish economy, and the subsequent improvements in competitiveness, is allowing sales abroad to grow at a higher rate than that of the markets to which we export. even if there is a rise in imports in the remainder of the year, this will provide for a strong correction of the current account balance, which will run a significant surplus this year of around 2 % of gdp. in addition to achieving this improvement in competitiveness, households, firms and financial institutions are deleveraging and the spanish economy is undertaking major reforms, furthering the fiscal consolidation drive, which must in any case continue through to 2015 but which will evidently prove easier if the recovery firms. bis central bankers ’ speeches before moving to the second part of my address, and to conclude my comments on developments in activity, i should like to refer to the 2012 results of our central balance sheet data office, and its preliminary results for 2013, which have been published this morning. the 2012 figures illustrate the severity of the crisis that year. in 2012, gross value added fell 4. 5 %, 3 pp more than in 2011, and the net profit for the year was practically zero. for 2013, however, the estimate provided by the quarterly information from the central balance sheet data office points to a turnaround in activity and in business profits. in the first nine months of the year, the fall in gross value added has eased across virtually all the productive sectors, with the principal exception of energy. leaving this sector aside, gross value added is expected to have declined by 2. 2 %, thereby breaking the trend towards increasingly bigger contractions in this aggregate. this turnaround in gross value added is closely related to the momentum of exports and reflects the fact that sales abroad, and, especially, those targeted on countries outside the european union, have increased their relative weight in net turnover. on the figures to september, net profit rose to account for almost 12 % of the sector ’ s gross value added. in short,

##a, the single euro payments area. the goal of the sepa project is to make electronic payments as easy, convenient and straightforward for the residents of any euro area member country to carry out as are their cash payments in other countries in the union. the initial aim is to eliminate the differences between making a national payment and a cross - border one, although the benefits extend also to payments made in the national arena. what is involved is a further step in the ongoing integration of financial services in europe. to achieve this, we must adapt to a new set of rules and uniform standards in europe. but we have very little time remaining : community legislation envisages sepa being in place as from 1 february next year. it is a far - reaching project, necessitating changes in the relationship between paymentservices users and providers. that involves efforts and investment on the part of financial institutions, but also affects users, irrespective of their size. it is important that banks should strive to make the transition by their customers easier. in this connection, communications and advice to customers must be stepped up, informing them of the new circumstances ahead and offering them the necessary support in their migration to the new payments scenario. our eurosystem central banks are firmly committed to sepa, among other reasons because we believe it will contribute to shoring up confidence in the single currency, by helping lift obstacles and promoting competition. and now i hope you all enjoy your meal. i believe there will be a round of questions – easy ones i trust – after dessert. thank you. bis central bankers ’ speeches