##ourcing can provide significant opportunities for banks but it also increases their risk exposure. this demands robust governance, comprehensive risk assessments and thorough pre - outsourcing analyses. our supervisory expectations should not be seen as regulatory hurdles in this regard but as strategic enablers to enhance resilience, operational continuity and data protection in banks'cloud strategies. i wish you a wonderful rest of the conference today. 3 / 4 bis - central bankers'speeches gartner ( 2024 ), " gartner forecasts worldwide public cloud end - user spending to surpass $ 675 billion in 2024 ", press release, 20 may. 4 / 4 bis - central bankers'speeches

. on the fiscal front, effectively balancing the social contract between generations means creating room for stabilising policies in future downturns and protecting the coming generations by forcing the distributional debate to take place in the present. this balancing act focuses on the quality of public expenditures and implies that deficits are justified only to the extent that they deliver sufficient returns in terms of future fiscal revenues ( through public investment supporting total factor productivity, for instance, or through the countercyclical impact of automatic stabilisers ). on the financial front, redefining the social contract between generations means realigning today ’ s incentives so that tomorrow ’ s fiscal policy is not threatened by financial dominance. bailing out banks with taxpayers ’ money is indeed both unfair and a factor of moral hazard. a closer link therefore needs to be restored between the responsibility that arises out of excessive leverage and the costs associated with deleveraging. the social contract also needs to be rebalanced between the generations alive today. there is ample room for a debate on the distributional impact of fiscal and economic decisions. fairness, a concept which has a particular resonance in this university thanks to john rawls6, is a legitimate objective : solidarity can help to ensure that economic progress for the many is not achieved at the expense of impoverishing the least fortunate households or depriving them of their right to equal opportunities. a reduction of rents and entry barriers, which notably disadvantage younger men and women on the labour market, is in that sense fully consistent with the objective of fairness, while also making the economy more competitive by setting the right incentives. national social contracts will continue to differ depending on the distributional choices made by each constituency. but europeans now have to recognise that such choices need to be fully in line with the sustainability imperative. across countries what does the social contract mean at european level? here again, there are two dimensions to consider : a horizontal and a vertical dimension. the horizontal dimension concerns the rights held and responsibilities borne by each member state vis - a - vis its partners. the vertical dimension concerns the contract that exists between individual citizens and the european union. both need to be redefined in the light of the crisis. the european social contract primarily binds all member states of the european union in the pursuit of the eu ’ s objectives, as laid down in the treaties. i will focus here on another and even more demanding contract, the one that binds the euro area countries. sharing a single j. rawls,