this has proved key to smoothing the flow of financing to the economy during the crisis. 4 let us not forget that, in addition to the response of national fiscal policies, on this occasion there has also been a genuinely pan - european response to the crisis, in which the creation of the next generation eu ( ngeu ) recovery fund has been to the fore. 5 this fund adds significant elements for sharing the economic recovery effort, some of which unprecedented, such as the large - scale issuance of supranational european public debt to finance reforms and investments in the member states most affected by the pandemic. in conclusion, let me simply reiterate the major role we central banks have played and must continue to play in overcoming this crisis. set against high uncertainty and a still - fragile economic situation, monetary policies need to continue contributing to maintaining favourable financing conditions that allow the recovery to take firm root. the road ahead will not be free from setbacks and difficulties. some will be directly related to the pandemic and its legacy in terms of the solvency of households and firms, with others stemming from potentially adverse developments on financial markets. attesting to the latter, for example, has been the increase in recent months in long - term interest rates in different parts of the world. the possibility of tensions on financial markets and a tightening of financing conditions, in a setting in which public and private debt has increased notably, is one of the main risks central banks must tackle, in advanced and emerging economies alike. thank you. for more details on financing to households and firms against the background of the covid - 19 crisis, see alves, p., r. blanco, s. mayordomo, f. arrizabalaga, j. delgado, g. jimenez, e. perez asenjo, c. perez montes and c. trucharte ( 2020 ). “ recent developments in financing and bank lending to the non - financial private sector ”, articulos analiticos, boletin economico, 4 / 2020, banco de espana, and alves, p., f. arrizabalaga, j. delgado, j. galan, e. perez asenjo, c. perez montes and c. trucharte ( 2021 ). “ recent developments in financing and bank lending to the non - financial private sector ”, analytical articles, economic bulletin, 1 / 2021, banco de espana.

problems. this turnaround of new york city illustrates that reviving a city in trouble is indeed possible. there are some useful lessons from new york city ’ s experience. first, it is often darkest before the dawn. cities in fiscal distress are like individuals suffering from addiction : they often have to hit bottom and reach out to others for help before they can begin to recover. new york city hit bottom in 1975, and that created the impetus for reform. second, in such situations, cities often have to give up fiscal control for a time. accepting a control board and operating under its mandates was a painful, but necessary, step toward rebuilding the city ’ s fiscal health and regaining access to financial markets. third, when sound reforms are implemented it still takes a long time to achieve fruitful results, so it is important to stay the course. fourth, although a strong economy, good fiscal position and transparency in government will not automatically solve every problem, they provide a strong foundation. so, what does the future hold for new york city? an important aspect of a city ’ s vitality is the ability of its residents to develop the skills necessary to be successful and to achieve their dreams. a big asset for the city is its access to affordable education. each year, tens of thousands of low - to - moderate - income new yorkers — many of them immigrants — send their children to one of the city ’ s specialized high schools. when it comes time for college, many of these same students have access to universities in the cuny and suny systems. a recent highly regarded study assessed how much of an opportunity kids born to less advantaged families in different parts of the united states have of moving up in the world. new york city ranked 10th out of the 50 largest u. s. metro areas. 2 the big apple should strive to be number one in this ranking by continuing to improve access to quality and affordable education and to job training. we should all do our part to help make this happen. also, it is important to remember that the measure of a city ’ s well - being is much broader than 4 / 5 bis central bankers'speeches how many are employed and the level of economic activity. as paul allen, co - founder of microsoft, explained : in my own philanthropy and business endeavors, i have seen the critical role that the arts play in stimulating creativity and in developing vital communities … the arts have a crucial impact on our economy and are an important catalyst for learning,