The recommendations of the PASA Effectiveness Review cover four themes, namely mandate and strategy, the governance framework, the regulatory model, and membership. I would like to highlight some of the main findings and recommendations contained in this report.
To give you an idea, at the height of the pandemic, bankruptcies in the EU had fallen by half compared to pre-pandemic levels. In spring this year they were still only at three-quarters of these levels. And in the meantime some very significant changes to economic activity and customer preferences have taken place that are likely to be structural.