##questionably needs to be done to ensure equality in all areas of leadership and team management. at the banco de espana, we are working towards this on several levels. first, we are introducing measures aimed at retaining talent and excellence, based on : ( i ) work - life balance policies, such as remote working and flexible hours ; ( ii ) neutrality in job postings ; ( iii ) mentoring programmes, in which we try to establish an equal number of men and women ; and ( iv ) efforts to ensure parity on selection panels. most of these policies are geared towards all employees, both men and women. this is essential, given that we believe a far - reaching cultural change must be achieved. and that is always more difficult if only some of us are engaged. naturally, to drive such a shift in culture and attitudes, the commitment of senior management is key. this commitment was set out in our first strategic plan 2020 - 24, which was approved this year and includes a firm undertaking to consolidate, reinforce and build on the achievements made in this domain, and also to communicate and spread this message to the outside world. accordingly, the banco de espana is involved in various cross - border initiatives, including most notably a forum we have jointly organised with morocco ’ s central bank since april 2018 and which, this year, unfortunately had to be postponed because of the pandemic. lastly, as part of our research function, this commitment is embodied in an undertaking to assess the implications of the gender gap at our institutions. as indicated by the world economic forum in one of its reports on gender equality, “ ensuring the full development and appropriate deployment of half of the world ’ s total talent pool has a vast bearing on the growth, competitiveness and future - readiness of economies and businesses worldwide ”. 1 i think it is important to underline that this is not about maintaining the existing structures and forcing equality in numbers only. rather, the aim is to change attitudes and drive innovation, diversity and efficiency by including women in decision - making teams. nor is it even a question of justice. the decision to promote diversity is supported by numerous studies that have found mixed management teams to be more innovative, more efficient and better prepared to pre - empt and deal with crises. the covid - 19 crisis has allowed us to pit women ’ s capacity to respond, often with outsidethe - box thinking, against men's. an article published last april in forbes magazine examined how women leaders had responded

long term, the latest key development has been the approval and entry into force of the new revaluation index and the pension sustainability factor. the reform entails a structural change, since benefits are to be linked to the system ’ s ability to generate revenue. the information available on the budget outturn to date this year shows headway in the process of fiscal consolidation. the overall general government deficit in national accounts terms was 3. 43 % of gdp to june, 0. 5 pp down on the figure of 3. 94 % in the same period a year earlier. the central government, social security and regional government deficit to july stood at 3. 87 %, compared with 4. 41 % in 2013. attaining the projected deficit of 5. 5 % to 2014 as a whole will require sustaining the pace of adjustment in the second half of the year. the draft state budget for 2015 sets a budget deficit target of 4. 2 % of gdp, 1. 3 pp of gdp below that for 2014. given the improved macroeconomic situation, the fiscal drive required to attain this reduction, measured by the change in the primary structural balance, will be more moderate than in previous years. in the case of the state, and according to the information from the draft budget, the planned reduction in the deficit is based primarily on public spending, whose ceiling for the year as a whole has been set at a level 3. 2 % lower than in 2014. measures envisaged include most notably those relating to personnel expenses, with the wage freeze on public - sector employees continuing, although one - quarter of the 2012 “ extra ” payroll payment is to be returned to them, and there is to be an increase in the average staff replacement rate to 50 % for the health care, education and security sectors, among others. as to revenue, the projections include the estimated impact of the recently approved tax reform. in the next two years, this reform will specifically entail a gradual reduction in personal income tax and in corporate income tax. the budgetary cost of this reform will be relatively lower in 2015, although it will have a greater impact, naturally, once it has been set fully in place. the budgetary projection indicates that this forgone revenue will be offset by the greater buoyancy of revenue against a background of strengthening recovery, particularly in domestic demand. the uncertainty habitually clouding estimates of the impact of tax changes will require a continuous monitoring of revenue - raising in 2015 so as to head off potential