In any event, and in line with the current recovery phase, wage settlements under collective bargaining agreements have risen from 0.6% in 2014 to the current level of 1.7%, on cumulative data to September. This improvement will foreseeably continue in the future, in line with the recommendations of the Employment and Collective Bargaining Agreement, signed by the social agents on 25 June and in force over the next three years, which promotes wage increases of 2%, plus a variable amount of 1% conditional upon different sector-based macroeconomic concepts. The variable elements in collective bargaining should be viewed favourably, insofar as their application caters for firms’ specific circumstances, such that wage developments are adjusted as much as possible to labour productivity. Main factors of risk in the short and medium term The outline I have offered on the foreseeable course of the Spanish economy is not free from risks. And should such risks materialise, they might adversely affect economic growth. On the external front, as earlier stated, are the uncertainties associated with the effects of monetary policy normalisation (in particular in the United States) on global financial conditions. Other factors of concern are the possible resurgence of geopolitical tensions or a potential escalation in the adoption of protectionist measures. Specifically, the outcome of Brexit and the situation in Italy are of particular significance for the Spanish economy.
Furthermore, in the light of the Commission’s proposals to strengthen the Directive, which have been supported by ECOFIN, it is clear that the resources available to the Maltese Depositor Compensation Scheme need to be significantly enhanced before the end of 2009. 4  BIS Review 155/2008  Looking beyond the crisis, we can already anticipate further changes at the international level. Major modifications are likely, for example, in the regulatory framework, covering liquidity, leverage and risk management. The role of credit rating agencies is also being reappraised. Clearly, the models used in the past to evaluate risk have proved inadequate. Entire types of financial institution, such as stand-alone investment banks, may cease to exist while certain categories of financial instruments, such as the more exotic derivatives, may never be traded again. As regards regulatory arrangements, the crisis has highlighted the importance of a close central bank involvement in prudential oversight. This stems from the fact that central banks need supervisory information to carry out their core functions, including the implementation of monetary policy. Information about the soundness of banks is important for them to be able to assess the health of their counterparties in the conduct of monetary operations. It is also valuable because central banks, including the Central Bank of Malta, are often responsible for the regulation and oversight of payment and settlement systems. Such information becomes essential when central banks are called upon to provide emergency liquidity in times of stress as lenders of last resort.