de espana has recently joined inexda, a network of central banks whose aim is to exchange experiences in the management of granular data in order to facilitate their use by external researchers. also, we must strive to have other public institutions join us in this initiative. although the spanish public sector currently provides samples of administrative data regarding, among others, tax returns and social security records, there is ample room for improvement in this area. see arellano, m. ( 2018 ), “ el acceso a los microdatos administrativos publicos : la nueva frontera de la investigacion economica y social ”, presentation at xviii aula de verano ortega y gasset, uimp, santander, 20 - 21 agosto 2018, http : / / www. cemfi. es / ~ arellano / arellanopresentacion - uimp - 2018. pdf in this respect, enlarging the number of available datasets, enabling access to the universe of observations and allowing for the merger of different databases are measures that would, for sure, deepen our understanding of the spanish economy and help design better public policies. in this connection, the experience of the nordic countries is a success story, and could be used to guide our efforts in the future. let me conclude. tax and transfer systems around the world face significant challenges to provide inclusive growth and fund the public policies that the population demands. meetings such as this conference provide an excellent opportunity to enhance our understanding of these fascinating issues and to strengthen the links between central bankers and academics. allow me to recall in this regard the figure of sir james mirrlees, who groundbreaking has recently academic passed contributions away. his and deep involvement in public policy design provide an outstanding example of intellectual achievement and commitment to improving the society. he rightly gave his name to the influential mirrlees review, which has become an essential guideline for policymakers involved in tax design. i would like to convey my sympathy to our colleagues of the ifs, who had the opportunity to work in close collaboration with him, and to the academic community in general for this loss. finally, let me express my gratitude to the organisers for making this conference possible and to all of you for attending. i wish you a very productive meeting and a pleasant stay in madrid. thank you very much for your attention.

fernando restoy : challenges for the spanish banking sector closing address by mr fernando restoy, deputy governor of the bank of spain, at the xxi meeting of the financial sector, organised by abc, deloitte and sociedad de tasacion, madrid, 1 april 2014. * * * good morning. thank you, paco, for your kind words. it ’ s a great pleasure for me to be with you this year for the closure of the 21st edition of the financial sector meeting organised by abc, deloitte and sociedad de tasacion, in which the banco de espana has traditionally taken part. the conference has had a very full day, in which the country ’ s main financial institutions have had their say. allow me to bring some thoughts to the discussion on the main challenges for the banking sector ahead of the changes in the regulatory and supervisory framework and, most particularly, ahead of the banking union. 1. introduction looking back, i believe such significant structural transformations as those currently sweeping the banking industry are almost unprecedented. at present, the banking sector must face a host of highly relevant changes on various fronts. changes in prudential regulations, arising from the adoption of the new basel iii requirements, whose implementation has yet to be completed ; possible rule changes that restrict banks ’ business model ( the so - called structural measures ) ; far - reaching changes in the regulations governing the resolution of weak institutions and changes also in supervisory practices, with the foreseeable increase in capital requirements derived from stress tests, the development and deepening of pillar 2, and the inclusion of macroprudential considerations, among other factors. in europe, in particular, the reforms take on a special dimension following the start - up of a new unified regime for the prevention, management and coverage of banking crises. following the approval last year of the regulation setting up the single supervisory mechanism, preparations for which are – as i shall later mention – well under way, the political agreement reached last week on the single resolution mechanism allows us to envisage the start - up of an effective banking union in europe. it is difficult to overstate the importance of the steps taken here, in light both of their scope and their speed. the combination of unified supervision, with the adoption of common rules of conduct for vulnerable institutions, the creation of the european resolution agency, with significant executive capacity, and the establishment of pan - european bank riskmutualisation mechanisms all mark a huge step forward for the