technology to analyse so - called big data i. e. the analysis at great speed of a massive volume of data also generated at great speed and obtained from many sources. there are businesses that, with this tool, are capable of analysing or predicting customer behaviour using a large amount of unstructured information. this technology has many applications in the field of banking. in fact, one of the main assets of credit institutions is the information they have on their customers. properly harnessed, this information would enable them to better know their risk profile and their preferences and needs, and thus to adapt the offering of financial products for the benefit of both parties. moreover, banks have an invaluable asset, namely the confidence of bank customers in the confidentiality of their transactions which, as i will mention later should be nurtured and properly valued. the same could be said about cloud computing technologies, which enable the information systems of all kinds of businesses to be adapted flexibly to their changing needs, converting a large part of their fixed costs into variable costs. this technology may notably reduce the costs for banks of their information systems, which, precisely due to the use of new technologies, are growing rapidly, although there are security risks that must be controlled. another example are mobile payment services. these may seem new, but ultimately the transaction usually ends with an interbank transfer or a simple credit or debit card payment. spanish banks have been pioneers in the euro area in the incorporation of this technology 4 / 7 through the bizum platform, an interbank initiative for immediate payments, allowing payment to be made from one account to another in a matter of seconds. the list of technological developments available to credit institutions is longer. to mention some more, i would also point out the new methods to validate identity by means of voice or image, which make it possible to identify and register new customers remotely, bypassing the traditional branch network ; or the provision of automated advisory services, known as “ robo advice ”, which enable advice to be provided in areas where just recently it was impossible to imagine that automated solutions could be developed. 2. second, the development of new services will require regulation in accordance with the risks they introduce into the system, both in terms of customer protection and the stability of the financial system. in fact, new competitors are specialising in specific parts of the value chain of banking business, beyond deposit - taking and payment service provision, which are activities reserved for authorised institutions

the essential ingredients of any sustained recovery. the private sector must take up the baton from the public sector in support of activity, and net external demand should play a predominant role. the success of the fiscal consolidation programme is a centrepiece of this strategy. correcting the budget deficit has become an unavoidable priority for spanish economic policy. the budget outturn data currently available suggest the targets set for 2010 will be met, at least as far as central government conduct is concerned. on this basis, it is therefore vital to design a budget for 2011 that is fully consistent with meeting the budget deficit target of 6 % of gdp for that year. to ensure no deviations arise, monitoring and surveillance procedures for the budget outturn must be reinforced and, should deviations be detected, corrective measures must be rapidly applied. the availability of contingency plans designed sufficiently in advance would contribute greatly to the success of these measures. the draft state budget details appropriately the revenue - and spending - side measures that should allow compliance with the state target set. in terms of its composition, moreover, the draft budget has most of the adjustment falling on public spending. and this, on past experience, raises the effectiveness of the consolidation strategy. yet the presence of risks threatening the attainment of these targets should not be understated. the budget is based on a macroeconomic scenario of significant recovery which, if not confirmed, might lead to a revenue path worse than projected. as i said, if this were the case, offsetting measures should immediately be applied. but perhaps the biggest risk to general government meeting its targets stems from the potential deviations that may arise at the regional and local government level. as known and reiterated on many occasions, the high decentralisation of public spending in spain means that the collaboration of the regional and local governments is essential for achieving budgetary stability. at the end of this year it will be possible to make a full assessment of the consolidation drive made by the regional budgets, but my impression is that, as matters stand today, the measures announced by most regional and local governments far from respond to the reduction in public spending needed. i therefore believe formulas must be sought to strengthen regional and local government commitment to budgetary stability and to encourage compliance. in this respect, we should not rule out a revision and strengthening of the national budgetary framework, in particular in the case of regional and local governments, a framework that resides essentially on the budgetary stability law. such action would be