There is room for improvement both in Spain and in the other euro area countries. It’s a matter of priority. Governance must continue to improve, not only because the ECB says so, but also because institutional investors are insisting on it. Good corporate governance is ultimately seen from the point of view of maximising profits for shareholders.
3/7  BIS central bankers' speeches  Governance covers topics such as the separation between the Chair of the Board and the Chief Executive Officer, in addition to broader issues such as how the board operates and the effective independence of independent directors. Shadow banking is one of the financial risks that you usually highlight. How can this problem be contained?