The maximum amount issuable (around € billion at current prices) is unprecedented at supranational level, particularly taking into account that the fund will be mainly used (42% of the total) for direct grants to Member States. If all these instruments are brought to bear, the EU's supranational debt would double, boosting the amount of safe assets available in Europe, since the fiscal impulse in countries with  4  See M. Delgado-Téllez, I. Kataryniuk, F. López-Vicente and J. J. Pérez (2020), Supranational Debt and Financing Needs in the European Union, Occasional Papers, No 2021, Banco de España. 5 See Parliamentary testimony: presentation by the Governor of the Banco de España, Annual Report 2019. October 2020. 6  lower credit ratings would be funded through “safe” debt. Moreover, reducing aggregate risk in this way would facilitate monetary policy implementation. In the long term, a deeper supranational debt market could contribute to greater banking and capital market integration, and would pave the way for the future implementation of monetary policy, as there would be a safe benchmark common to all countries. In addition to the aggregate effect, the steps taken to press ahead institutionally in the EU tend to bring about positive effects on the financial markets and, in particular, on the sovereign risk premia,6 which tend to decline as these agreements are perceived as a guarantee of continuity and further strengthening of the European project, thus contributing to reducing the high level of geographical heterogeneity in financing conditions.
In our efforts to achieve the desired outcomes, we are cognizant of the need for our leaders at all levels of the organisation to demonstrate the right behaviours to reinforce our desired culture of trust, integrity, collaboration and innovation. When speaking about leadership here, I should add that this is not defined by one’s position, but rather the values that one upholds in doing what is right and in the best interest of the organisation. Times have changed, and a job for life is no longer the goal to aspire to in a career. Rather, our job is now to be life-long learners, and to facilitate that same learning for others. A continuous learning mind-set is what will ultimately differentiate an outstanding career from a mediocre one, and ensure that we can adapt, thrive and be productively and purposefully employed whatever unfolds in the future of work. I hope that as CEOs, CLOs, Heads of L&D and academia, we will be the agents of change to help steer our organisations towards a work environment and culture that will survive and thrive amid the future challenges to come. Today’s event is a step in that direction. Let us learn from distinguished experts and one another today. Let us reimagine organisational learning. Most of all, let us strive together to build a strong, competent and well-rounded workforce. Thank you and I wish all of you a productive and stimulating day ahead. 1 The Future of Jobs Report 2020 by the World Economic Forum 2 OECD (2019).