systems. we are convinced that these seminars are a firm step forward in this direction. the aim of this webinar is to shed some light on how remittance flows during the health crisis have influenced latin america ’ s macroeconomic and financial stability. as you are well aware, the latin american economic situation has been particularly affected by the covid - 19 pandemic. along with the human cost in lives, the effects on poverty and income distribution have been very severe. the global economic recovery might also be delayed reaching the region, increasing the likelihood that the crisis may cause more persistent economic effects. despite this difficult situation, remittances have proven pandemic - proof1 and have behaved countercyclically in most of the region ’ s countries, assuming a more important role as a source of external financing. this subject is crucial to spain, since it is the second - ranked issuer country of remittances to latin america. some of the topics we will address today ( such as the growing importance of digital money remittances, the role of fiscal stimulus measures in the resilience of remittances and the function of the informal economy ) are key to understanding the behaviour of the flow of remittances in this crisis. undoubtedly, today ’ s event will allow us to better understand these developments and – i hope – 1 / 2 bis central bankers'speeches to draw some useful conclusions on how to tackle them from the central bank standpoint. thank you for your attention. remittances barely fell by 1. 6 % in 2020, compared with their 4. 8 % decline during the 2008 financial crisis. 2 / 2 bis central bankers'speeches

of unemployed and to improve workers'wages. the fact that spain is today more advanced than other european countries in many areas that i mentioned at the start of my speech should not let us forget that there are still some fields in which we can learn from others. it is precisely this attitude of having learnt from others, and made the consequent reforms, which largely explains the positive performance of the spanish economy in recent decades. in my opinion, the time has come to do the same ( to learn and to reform ) with labour market institutions which, as systematically stated by international organisations, are the major structural difference remaining between us and the more developed countries. we must acknowledge that the task is not an easy one. apart from convincing people about their necessity, something historians and economists can help do, the skills of many others will be needed to design and implement the reforms. one thorny issue is how to set some changes in motion immediately and, at the same time, be sensitive to what may be seen as an alteration of established rights. political acuity is crucial to resolve these problems, as indeed it is also to make the interests of the different groups of workers compatible with each other. but it should also reassure us to know that the reform toolbox is full of possibilities : calendars, compensation, incentives, etc. lawyers also have an important job to do, since the problem with all structural reforms is that they alter the status quo and, accordingly, it is essential to find legal formulae that circumvent the obstacles that may arise in their approval and implementation. the difficulties that may arise, not only when reforming but also in opening the debate, may lead some to ask why, without reforms and, in particular, without modifying our labour market institutions, spain won ’ t be able to grow as in the past. from what i ’ ve said already you can imagine my reply. it is possible that spain may be able to grow as in the past, but it is highly unlikely. and i say that it is possible solely because, following the general failure of most of the forecasts that have been made during the current crisis, we should all be more humble when postulating about the future. honestly, though, it is more difficult to imagine today how, without reforms, the spanish economy can perform as favourably in the future as it has done in the last few decades. moreover, what do we gain by refusing to learn from others about what can reduce the rate of unemployment