also argued that “ [ t ] his requires that the national supervisors and parliaments should receive the necessary information to understand the risks national depositors are exposed to from these branches and the possible impacts on the financing of their economies. this may require developing specific reporting instruments and processes for the local authorities to continue to be able to appropriately supervise local activities and thus contribute to supervisory decisions taken at the ssm level that may impact their jurisdiction. ”, eurofi ( 2019 ), programme of the eurofi high level seminar in bucharest, 3 - 5 april. viii as evidenced by the high - level working group chair report on the strengthening of the banking union, including edis ( op. cit. ) : “ broad agreement exists on the need for a harmonisation of necessary parts of bank insolvency law, including with regard to cross - border groups and the ranking of creditors, while the toolbox for resolution might need to be expanded. ” ix this report is expected to feed into the review of the single resolution mechanism, european commission ( 2019 ), “ report from the commission to the european parliament and the council on the application and review of directive 2014 / 59 / eu ( bank recovery and resolution directive ) and regulation 806 / 2014 ( single resolution mechanism regulation ) ”, available at http : / / ec. europa. eu / transparency / regdoc / rep / 1 / 2019 / en / com - 2019 - 213 - f1 - en - main - part - 1. pdf, and european parliament ( 2019 ), briefing for the purposes of the public hearing with elke konig, chair of the single resolution board on 2 april 2019. the european parliament econ committee has also commissioned an external study on “ lessons from the united states for banking resolution in the banking union ” to be published in spring 2019. x state aid sa. 50640 ( 2018 / n ) – italy – liquidation scheme for small banks, available at http : / / ec. europa. eu / competition / state _ aid / cases / 274069 / 274069 _ 1989761 _ 107 _ 2. pdf. xi judgment in joined cases t - 98 / 16, italy v commission, t - 196 / 16, banca popolare di bari scpa v commission, and t - 198 / 16 fondo interbancario di tutela dei depositi v commission. xii the dgs directive also recognises that dgs funds may be used

assistance programme : the budget deficit significantly declined and public debt is now on a downward trend ; private sector deleveraging is ongoing ; and the banking sector is more robust, with a stronger liquidity position, higher solvency ratios and improved asset quality. the adjustment programme has widely been regarded as a success. in my view, this success was due to three factors : 1. first, programme ownership. portugal was committed to the implementation of the programme, which was accepted by the population. a constructive dialogue with social partners was possible and this was key to ensuring the success of the quarterly reviews. 2. secondly, the speed and intensity of the response from the tradable sector, in particular exports, was key to the rapid rebalancing of external accounts and mitigation of the impact of lower domestic demand on the non - tradable sector. 3. third, the maintenance of confidence in the banking sector, as evidenced by the behaviour of deposits. this was crucial to preventing the economy from collapsing with a credit crunch and avoiding the imposition of capital controls. it is important to remember that an adjustment programme is always a short - term programme whose effects are only sustainable if there are structural and institutional adjustments that prevent repetition of the conditions that led to the need for adjustment. as such, notwithstanding the undisputable progress, there is no room for complacency. 2 / 3 bis central bankers'speeches a lasting trajectory of growth and convergence towards our european partners depends on our capacity to generate and maintain high levels of employment and productivity. this is a necessary condition to ( i ) bring our workers ’ wage levels closer to european standards ; and ( ii ) finance the welfare state in a context of unfavourable demographic developments. the challenge is thus one of activating the ‘ levers ’ of employment and productivity. i will briefly highlight the four most critical ones. 1. first, investment. it is vital to increase both the stock of capital and investment in intangibles, learning from past mistakes, particularly by scrutinising investment projects in a far more demanding way. of course, we cannot ignore the fact that the recovery in investment is constrained by the ( still ) high indebtedness level and low savings rate of the portuguese economy. this means that higher investment will have to be financed through an increase in equity, either from existing shareholders, or the entry of new domestic or foreign shareholders. 2. second, skills. in portugal, employees ’