above. as a result, the system could run a rising deficit as from 2025. it should also be highlighted that the latest demographic developments, in particular the heightened migrant inflows into spain, do not resolve the problem. at best, the inflow of working - age immigrants holds back the increase in the dependency ratio derived from population ageing and, therefore, delays the emergence of the problems. but the full scale of these problems will persist. how can we tackle the challenge that demographics pose for our pension system? the scale of the problem calls for a three - pronged strategy. first, the strategy should be far - reaching, i. e. blending measures on different fronts. specifically, the measures should pursue healthy public finances, implement structural reforms in the economy and seek to reform the pension system, as i shall now expand upon. second, discussion of these measures should not stretch out over time. and, finally, the reforms should have sufficient scope, acting along the lines of the recommendations made in the review of the toledo pact. regarding the scale of the strategy, its first pillar should be based on maintaining healthy public finances. once again, we should adopt a medium - term perspective here. irrespective of the fact that 2008 saw the re - emergence of a budget deficit and that, almost certainly, it will hit significantly higher levels in 2009, two matters will be vital in the medium term, once the effects of the economic crisis have abated. we must resume a healthy public finances path and, above all, bring public debt back onto the declining trend witnessed recurrently, with the exception of 2008, since 1997. these considerations also clarify why the rise in the budget deficit cannot go unchecked in the current situation, so as to prevent a strong increase in public debt arising, which would impose an excessive burden on future generations. in this respect, commitment to the medium - term fiscal rules laid down in the stability pact at the european level and in spanish budgetary stability laws continue to offer the best guidelines for conducting fiscal policy. secondly, as the specialist reports emphasise, from the macroeconomic standpoint the public finance sustainability problems are eased if employment and productivity in the economy trend favourably. here the room for improvement is extensive and calls for structural reforms in many areas, such as the labour market and the markets for goods and services, along with education and job training. once again, the time perspective is important here. the long - term view that should

investors are already altering their strategies. moreover, banks themselves need to factor in climate risks in their operations. this is a serious challenge to the economy, the financial system, and the regulator. we should learn how to adequately assess not the risks that have been accumulated before. we are differentiating risk assessment in regulation relying on actual data showing how these risks materialised. we should assess future risks and model these future risks, building these stress scenarios. in our opinion, we may not blindly lower the requirements for these green instruments, but we should develop an approach helping an investor understand that a particular project is really a green one and assess the level of its sustainability and risks that may arise, as well as how they differ from those inherent in socalled non - green projects. this is an issue to be addressed in the course of our joint work. we have already made a certain progress towards better information transparency. probably, the first step is to disclose data, provide information on green social bonds the committees shall offer to market participants. these standards will become effective in autumn 2021. in addition, we are currently developing the rules for verifying financial esg instruments. cyber security which has been mentioned by anatoly aksakov is also a critical topic that will become increasingly important. information security is essential in the conditions of digitisation as a key trend impacting the financial industry. overall, the issue of operational risks and cyber risk resilience will certainly be in the focus of our attention. in this regard, we will be developing an adequate approach to assessing these risks, working jointly with you, so as to ensure banks ’ resilience to them. among other things, it is possible to create joint market - based infrastructure solutions. wrapping up, i would like to say that, despite the problems and challenges that are important for banks and the regulator, we believe that banks really made their best last year in terms of both their own robustness, so to say, fire resistance at the moment they had to face the crisis, and the support they provided to their clients. the crisis will be over, while these two components will remain as significant. i truly hope that bank owners will continue to act in a responsible manner they demonstrated last year, taking care of the future of their banks, probably selecting not always the simplest way, but the one that would ensure long - term stability for their banks and well - being for their clients and promote the development of our economy. of course, we welcome