g. those related to low productivity and the poor functioning of our labour market ). historical evidence of prior european programmes recently analysed by banco de espana experts highlights the presence of substantial synergies between, on the one hand, the implementation of major investment plans and, on the other, the application of structural reforms geared to improving how the main product and factor markets function. 2 the funds could actually also be used to mitigate the costs that these reforms sometimes incur for some cohorts in the short term, in the pursuit of the benefits that they would generate for society as a whole in the medium and long term. again, it would be particularly desirable to properly evaluate the different alternative reforms. to duly nurture the debate and political decision - making, these assessments of the potential reforms must provide a comprehensive analysis. estimations of their overall impact must be complemented with a better understanding of the microeconomic effects, in particular on the population groups most affected by the reforms, and of the impact during the transitional period until the public policies take full effect. these developments will enable the assessment to be better integrated into economic policymaking, by providing thoroughgoing information on the short, medium and long - term effects. the importance of the use of administrative data and making them available to researchers the second element i wish to refer to is the need to have data that inform the decision - making process. 3 data are also the raw material that feeds the evaluation process. without appropriate, 3 / 6 bis central bankers'speeches quality, timely and sufficiently granular data, a good evaluation is not possible. in the private sector they talk about the data economy. new sectors of activity have risen round data compilation and monetisation ; and other, more traditional sectors have seen their competitive dynamics crucially affected by the use of data or by technology, as the changes in the financial sector – to use an example close to home – testify. the public sector cannot fall behind in data processing. greater data storage and processing capacity has increased exponentially the possibilities of extending our knowledge of reality. the general government sector is not impervious to these developments. indeed, as part of its daily activity it amasses a vast amount of information which, once appropriately processed, can be crucial in making a reliable diagnosis of the problems society faces, and also of the most suitable policies to address them. the crossing and sharing of data by the different segments of government increases diagnosis and evaluation capacities in an accelerated fashion. making

’ well - being ; assisting and collaborating with the research community in the use of our information to contribute to that objective ; and promoting – also in collaboration with the public and private sectors – the economic and financial education of the public at large, enabling them to sufficiently understand and appreciate public policies and take the best financial decisions for themselves. this is part and parcel of our commitment and service to spanish society. 1 for a discussion of the role of the independence of economic regulators, see p. hernandez de cos ( 2020 ), testimony by the governor of the banco de espana before the audit committee on democratic quality, the fight against corruption, and institutional and legal reforms. 2 see s. albrizio and j. f. geli ( 2021 ), “ an empirical analysis of the determinants that can boost next generation eu ’ s effectiveness ”, analytical articles, economic bulletin 4 / 2021, banco de espana. 3 for a discussion on the importance of the use of administrative data by researchers, see m. arellano ( 2018 ), “ el acceso a los microdatos administrativos publicos : la nueva frontera de la investigacion economica y social ”, xviii aula de verano ortega y gasset, uimp, santander, 20 – 21 august. 4 see the banco de espana “ survey of financial competences ”. 5 e. fuentes quintana ( 1948 ), “ efectos economicos de la politica fiscal : comentario a las tesis suecas ”, anales de economia, vol. 8, no. 32 ( october - december ), pp. 487 – 497. 6 / 6 bis central bankers'speeches