support the recovery while preserving financial stability. the second document we discussed is the final report on the effects of too - big - to - fail reforms, which updates the interim analysis, also in light of the experience of the pandemic. the key message, on which we concurred, remains that the ‘ too - big - to - fail ’ reforms for banks are working as intended, reducing moral hazard and systemic risk with no material side effects. we agreed to work on filling some remaining gaps, concerning the information available to public authorities for financial stability risk monitoring and some residual obstacles to resolvability. we also concurred on the need for a system - wide approach to monitor risks that have moved 1 / 2 bis central bankers'speeches outside the banking system. we are therefore committed to strengthening the resilience of nonbank financial intermediation, building upon the fsb ’ s ‘ holistic review ’ of the march 2020 turmoil and on the further work that the fsb will conduct under the italian g20 presidency and beyond. we are now ready to take your questions. 2 / 2 bis central bankers'speeches

borne in mind that the stability and simplicity of the framework are among the most important ‘ boundary ’ conditions for business activity. public sector employment. – the budget allocates €2. 9 billion, distributed over the three - year period, for the renewal of the contract for public sector employees. this is in addition to the amounts already allocated today ( about €1. 5 billion ). according to official estimates, the total amount of funds available would lead to an increase in average wages over the three years, reaching just under 2 per cent when fully phased in. compensation of public sector employees as a share of gdp diminished by over 1 percentage point from 2011 to 2017, falling to 9. 5 per cent at the end of last year. it decreased less in the euro area over the same period ( 0. 8 percentage points ), reaching 9. 8 per cent. from 2011 to 2017, compensation of public sector employees in italy fell by more than 10 per cent in real terms, while it was basically stable on average in the euro - area countries. the draft budget law also authorises the recruitment, in addition to what is possible under current legislation, of more than 15, 000 public sector employees, allocating over €1. 5 billion for this purpose over the three years. there has been a sharp contraction in staff turnover in general government since 2012. this resulted in a decrease of around 135, 000 jobs per year between 2011 and 2017. for the three - year period 2016 - 18, expenditure on newly recruited staff is limited to 25 per cent of the expenditure on staff terminated in the previous year. according to the current - legislation projections set out in last april ’ s economic and financial document, public sector employment is expected to stabilise next year. in past years, the limits on staff turnover and the collective bargaining freeze helped considerably to keep current expenditure down : between 2010 and 2017, primary current expenditure increased on average by about 1 per cent per annum, while expenditure on compensation of employees decreased by an average of 0. 7 per cent. after several years of restriction, a cautious easing can be justified. however, it will be important to make use of the opportunity of contract renewals to introduce or strengthen incentive mechanisms, and to ensure that the recruitment of new public sector employees takes due account of the skills, including emerging ones, that are needed to improve the efficiency of general government. 3. funding on average, over the next three years, the budgetary provisions would generate resources of