timelines and the costs of the existing insolvency proceedings. conclusion to sum up, our duty, as economic and supervisory authorities, is to continue our close monitoring of financial institutions and markets, to ensure that they continue to provide the necessary flow of credit to the economy, and of financial stability risks stemming from this crisis. we must continue to adopt measures to mitigate those risks and, naturally, stand ready to provide an appropriate european response should such risks materialise. thank you for your attention.

sphere. this allows them, as large - scale purveyors of financial and non - financial products and services, to take advantage of economies of scope and network economies. accordingly, and to prevent selection bias that can lead, for example, to the exclusion of certain social profiles, in the medium term comprehensive personal data regulations are needed, similar to those already in place in many countries ’ central credit registers. the required deepening of the banking union allow me to end this address with a final reflection on the need to persevere with a european response to this crisis in the financial sphere as well. the response from the prudential authorities, accompanied by the monetary and fiscal policy measures adopted, has so far enabled the initial impact of the shock to be absorbed and prevented the materialisation of a systemic risk in the financial system that would have further exacerbated the crisis and made it more persistent. however, in the current context of uneven and uncertain recovery, we cannot rule out the possibility that the economic impact of the pandemic and the persistence of these effects may be greater than expected. in this sense, in the banking sphere, the response to the possible materialisation of these risks can only be at the european level, given the commitment to the banking union. in this response, the completion of the banking union with the approval of a fully mutualised european deposit insurance scheme would make a decisive contribution to ensuring financial stability in the euro area, both over the coming months and in the medium term. further deepening of the capital markets union project would also be essential. moreover, priority must be given to analysing how appropriate the european resolution and winding - up regulations are for a hypothetical systemic crisis, and the possible role of asset management companies in the event of severe impairment of european financial institutions ’ balance sheets. eu member states should also make swift progress towards an agreement to create a common european procedure for the administrative winding - up of credit institutions. this procedure would benefit from the instruments developed for the resolution of credit institutions, aiming to maximise the realisable value of the financial assets that make up the bulk of banks ’ balance sheets. in spain, recent experience has shown how inefficient the existing insolvency proceedings for credit institutions are in terms both of timelines and recovery in value. it would, therefore, be desirable for progress to be made in determining an administrative mechanism for winding up credit institutions that maximises the preservation of value and reduces both the