[19]Joined Cases T-131/16, Belgium v Commission and T-264/16, Magnetrol International v  Commission, judgment of the Court of 14 February 2019. [20]REGULATION (EU) 2016/679 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of  27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation). [21]COMMISSION IMPLEMENTING REGULATION (EU) 2016/2286 of 15 December 2016 laying  down detailed rules on the application of fair use policy and on the methodology for assessing the sustainability of the abolition of retail roaming surcharges and on the application to be submitted by a roaming provider for the purposes of that assessment. [22] 9 / 10  BIS central bankers' speeches  [22]DIRECTIVE (EU) 2015/2366 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of  25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, [23]Belgium, Denmark, Finland, Germany, Greece, Ireland, Italy, Spain, Sweden and the United  Kingdom. [24]OECD (2010), “Have equal-treatment laws improved job quality for part-time workers?”, Box  4.3., OECD Employment Outlook: Moving Beyond the Jobs Crisis. [25]Report of the Massachusetts Commission on Old Age Pensions, Annuities, and Insurance,  1910. [26]DeWitt, L. (2010), “The development of social security in the United States”, Social Security  Bulletin, 70(3).
This, in turn, introduces uncertainty over the behaviour of the incomes of these agents, which means they tend to postpone their consumption and investment decisions. The sharp decline in the consumer confidence indicator in March (the largest decrease in the historic time series, which goes back to July 1986) gives an indication of the magnitude of these effects. This fall suggests that the increase in uncertainty may have begun to adversely affect household spending decisions. The results of the latest edition of the Banco de España Business Activity Survey (EBAE) suggest that the war has begun to worsen the expectations of non-financial corporations regarding their turnover and also the duration of the global supply chain problems, which is now estimated to be longer. Third, the invasion of Ukraine will affect the Spanish economy through the trade channel, the direct impact of which is assumed to be moderate, as bilateral trade flows with the countries at war are relatively limited. In 2019, the last year before the pandemic, Spanish goods exports to Russia and Ukraine represented only 1.6% and 0.3% of the total,  respectively. Russian tourism, meanwhile, accounted for 2.2% of total spending by foreign tourists. However, the indirect effects on Spanish trade flows may be significant. The war will particularly affect central and eastern European countries, which are more exposed to Ukraine and Russia, and, therefore, the growth of Spanish export markets.