on russia, but clearly this is not something that can be achieved in the short term. the surge in inflationary pressures apparent in the march data partly reflects the increase in commodity prices associated with the war, but also the delayed effects of the acceleration in intermediate costs in the preceding months on the prices of other goods and services, and the scarcity of certain products as a result of the road hauliers ’ strike. the impact of the increase in energy costs is highly uneven across groups of agents. in the case of households, those with low incomes are most affected. in the case of productive sectors, the impact is naturally greater on the more energy - intensive ones. a second channel, that is also very significant, is the impact of the war on household and business confidence, given the extraordinary uncertainty surrounding the duration and course of the war. this, in turn, introduces uncertainty over the behaviour of the incomes of these agents, which means they tend to postpone their consumption and investment decisions. the sharp decline in the consumer confidence indicator in march ( the largest decrease in the historic time series, which goes back to july 1986 ) gives an indication of the magnitude of these effects. this fall suggests that the increase in uncertainty may have begun to adversely affect household spending decisions. the results of the latest edition of the banco de espana business activity survey ( ebae ) suggest that the war has begun to worsen the expectations of non - financial corporations regarding their turnover and also the duration of the global supply chain problems, which is now estimated to be longer. third, the invasion of ukraine will affect the spanish economy through the trade channel, the direct impact of which is assumed to be moderate, as bilateral trade flows with the countries at war are relatively limited. in 2019, the last year before the pandemic, spanish goods exports to russia and ukraine represented only 1. 6 % and 0. 3 % of the total, respectively. russian tourism, meanwhile, accounted for 2. 2 % of total spending by foreign tourists. however, the indirect effects on spanish trade flows may be significant. the war will particularly affect central and eastern european countries, which are more exposed to ukraine and russia, and, therefore, the growth of spanish export markets. further, the invasion is having a negative impact on the global supply chains for certain productive processes, with signs of a worsening of bottlenecks, after the partial improvement in the fourth quarter of 2021, although the lockdowns in china to check the

of payment service providers under the psd2 directive is conducted by the two financial supervisors jointly with the data protection and competition authorities. in the future, we may even have to move towards joint, centralized supervision in newly formed entities. and by centralized i mean not only across financial subsectors, but also across the financial and non - financial sectors. that may be the case for supervision of cloud providers. in order to prevent fragmentation and duplication in cloud supervision, we should consider a new european horizontal cloud supervisor that would have a mandate regarding the resilience of cloud providers and their compliance with privacy rules. the board of this horizontal cloud supervisor could consist of representatives of the esas, the european data protection board enisa, and possibly other relevant supervisors. this, of course, will not happen overnight. over the next few years we have to work to make cloud supervision under dora as effective as possible. but i think the centralization option is something to keep in mind when we will review the dora framework in a few years time. as the financial sector transforms, the stakes – and gains – from cooperation are high. as financial regulators and supervisors, we have a responsibility to make sure that we can continue to deliver on our mandate to safeguard financial stability. we want no holes in the global financial safety net, however much it gets stretched and reshaped. so let's live up to that responsibility and take the first steps now. so that people can drive to the afore conference or elsewhere three years from now, knowing that their money, in whatever shape, is safe. and that as finance proceeds further into the digital age, we continue to have a stable and efficient financial system that works for all. 4 / 4 bis - central bankers'speeches