trend in public investment as a proportion of gdp, which has already lasted more than a decade, would continue. interest payments are expected to continue to decline as a result of the expected favourable developments in financing conditions, although at a more moderate rate than over the last two years. the increase in revenues included in the stability programme is based mainly on the measures approved in december last year in royal decree - law 3 / 2016. notable among these is the amendment to corporate income tax to broaden the tax base, the increase in duties on alcoholic drinks and tobacco products, the increase of 3 % in the maximum social contribution base and the 8 % increase in the minimum wage. notwithstanding the positive impact of these measures, achievement of the government ’ s medium - term revenue target is subject to some uncertainty, as revenue will need to perform more favourably relative to activity than it would if the historical relationship between these two variables were to remain unchanged. as a result, the performance of revenue and the impact on spending of the plans announced for public - sector employment will need to be monitored over the next few years, so that, in the event of any deviation from the projections, action can be taken in time to avoid the risk of failure to achieve deficit commitments. the importance of budgetary consolidation finally, it seems to me necessary to stress the importance of completing the budgetary consolidation process. the current environment of high growth and low interest rates is a very favourable one in which to reduce the structural budget deficit and public debt to levels more in line with those in the main euro area economies, and this opportunity should not be wasted. the cost of financing public debt ( which still stands at 100 % of gdp ) would be reduced and there would be some scope for fiscal policy to respond to possible adverse scenarios. moreover, consolidation is essential to address the challenge that an ageing population will pose for spending on health, dependency and, above all, pensions. in this respect, the magnitude of the adjustment needed to achieve sound public finances in spain is still significant. hence the need to comply with all the domestic and european budgetary framework requirements. following their strengthening in recent years, this means not only that the budget deficit ( defined in total and structural terms ) and public debt must be progressively reduced, but also that the so - called spending rule must be observed. the spending rule is especially important in the case of those government entities that have already achieved budget balance. 6 / 8 under the rule, neither the budgeted nor the

16. 07. 2020 50th anniversary of the unaac margarita delgado deputy governor good afternoon. thank you very much, manuel. and my thanks also to cristina for this invitation for me to speak to you today, on the 50th anniversary of the unacc. it is a shame that we have not been able to celebrate this anniversary as was originally planned. we are living through strange and difficult times, but we must adapt to them. yet despite this unique scenario, a 50th anniversary is an event well worth celebrating. anniversaries, especially those which mark the passage of a decade, not least a halfcentury, are an ideal time to take stock of our achievements. undoubtedly during this period a great deal has been achieved, but if you will allow me, in my supervisory capacity, i would like to make some mention of those areas where we must continue to improve. over these 50 years we have been through several banking crises. the picture of our financial system as it stands today is naturally the result of these crises. and one point to note in this “ family ” photo is the large number of cooperatives which are present. the truth of the matter is that a highly significant number of credit cooperatives, or rather, a highly significant number of yourselves, have overcome these crises. to do so, you have undoubtedly used your strengths, which i believe most notably include your close relationship with your customers, your extensive knowledge of the local economic situation and your down - to - earth management ( far removed from speculative business models and focused on harnessing your knowledge of those customers and their needs ). furthermore, on a day like today, i feel that it is fair to highlight as one of your strengths your ability to support one another when necessary. you know better than i do that mutual support is one of the basic principles of the cooperative movement, and over these 50 years you have demonstrated that solidarity is an essential means for overcoming problems and difficult situations. indeed, if we look back in time we see that today ’ s society – and economy – are very different from those of 50 years ago. so another key to your success lies in your ability to adapt to that changing reality. the crisis triggered by covid - 19 is clearly a dramatic test of how changeable things can be. it is obvious that, for once, the origin of the crisis is not financial and is not linked to macroeconomic imbalances. nevertheless, although this crisis is unrelated to previous ones, there is something that