five of them at cemfi, while the rest have found or are about to find jobs in accordance with their high qualifications. it is for me a great privilege and honour to be given the opportunity to present the certificates of the master degree in economics and finance to the students in the graduating class. i am also pleased to announce the winner of the " luis angel rojo prize " for the best student of the class of 2023 of the master in economics and finance. the winner is : kenneth lai. congratulations to kenneth and to all the students in the graduating class. finally, i would like to conclude my remarks by once again thanking manuel arellano, samuel bentolila, and rafael repullo for their commitment to cemfi over more than 30 years. i would also like to thank the faculty and administrative staff for their sterling work, and to congratulate the students of the class of 2023 of the master in economics and finance, for whom i wish the very brightest of futures. thank you very much. 2 / 2 bis - central bankers'speeches

. those considered too important to fail due to their size, the level of complexity of their operations or their interconnectedness with other financial system participants. in future, these banks will have to meet greater regulatory and supervisory demands, which will need to be adapted to the type of activity, complexity and structure of each bank. headway has been made and is being made in many other areas, such as remuneration in the financial sector, the regulation of rating agencies, etc. generally speaking, spain has much to learn from other countries about economic policies. the clearest and most pressing example, in light of the economic and social consequences of the burgeoning number of jobless spaniards, is the employment and labour market policies of those countries which, even at the height of crises, keep unemployment rates low. however, within the realm of financial regulation and supervision policies, the opposite is the case : our supervisory arrangements are being closely studied for reforms in other countries. the ingenious idea of governor rojo and his team to set in place a countercyclical mechanism in order to try and soften credit growth or at least mitigate the adverse consequences of its cyclical behaviour on the banking system was a forerunner of the countercyclical capital buffers envisaged in the basel iii accord. the constraints on complex products and the obligation to consolidate are further examples of rules or guidelines that are characteristic of spanish banking supervision and regulation and which fully coincide with the direction in which global financial system reform is advancing. spain ’ s approach to restructuring its banking sector has demonstrable advantages. the process has been undertaken using the frob ( fund for the orderly restructuring of the banking sector ), which was set up following parliamentary approval over 18 months ago and has since overseen numerous integration processes between savings banks that have reduced their number from 45 to 17. the design of the frob was based around a twopronged approach. first, it was geared to supporting banks which, while viable, required restructuring to ensure their ability to resume a path of sustainable profitability, by reinforcing their solvency with public funds. significantly, in certain countries where the need for a similar instrument has been acknowledged, this has not yet been created. second, the frob involved giving the banco de espana wide - ranging powers to swiftly and effectively take control and resolve the problems of those banks that are not viable. rounding off the remit of the frob has been the approval of the reform of the legal