Within total consumer spending, there appears to have been a shift away from spending on goods in stores to spending on services, particularly services such as overseas travel, eating out and entertainment. As a result, retail sales have been particularly weak. This adjustment in consumer behaviour has created a difficult trading environment for some businesses, coming as it has after a prolonged boom.
Of course, you spent some years in Frankfurt but by then the Banco de España was already part of the Eurosystem. Cleary, your outstanding career does not fit with a popular myth about central bank governors, who are supposed to have extensive ties with the financial system and the political world.