I hope that you all continue your focus on these issues and do your part to support a resilient global, wholesale FX market. I encourage you to adopt the Code as a benchmark for your firm’s activities in the wholesale FX market and use the Statement of Commitment to demonstrate that adoption to your fellow participants. As we state in the foreword of the Code, the goal is an FX market that is a “robust, fair, liquid, open and appropriately transparent market in which a diverse set of Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive process that reflect available market information and in a manner that conforms to acceptable standards of behaviour.” Many thanks for your time and continued active engagement. 1 The FX Global Code is available at www.globalfxc.org/index.htm. 2 For more information about the FXWG see: www.bis.org/about/factmktc/fxwg.htm. 3 2015 FX Week USA speech available at: www.newyorkfed.org/newsevents/speeches/2015/pot150714. 6/6  BIS central bankers' speeches
Spain ranks above EU averages in 4 out of 5 of these indicators. In particular, Spain ranks 4th in the digital public services which focuses particularly on e-Government and e-Health services. In sharp contrast, Spain ranks in 17th position in the Human Capital dimension, which measures the skills needed to take advantage of the possibilities offered by digital technologies. All in all, these figures suggest that there is room to improve the global position of Spain in terms of both innovation activities and digitalisation, especially as regards human capital. This is especially relevant for the Spanish economy, which show low levels of firm productivity in comparison with their European peers. Let me conclude by saying that I am sure that the presentations in this conference will be the basis of fruitful discussions on key aspects of digitalisation and investment in intangible assets in Spain, such as its evolution and drivers, the existence of barriers and the best way to support those activities. These discussions will be very useful to enrich the policy debate  10  Eurostat (2019): Statistics on research and development COTEC (2019): Informe COTEC. Innovación en España 12 Eurostat (2019): Statistics on research and development 13 European Commission (2019): The Digital Economy and Society Index 2019 11  5/6  around these highly relevant issues. With this expectation, I wish you a very pleasant and constructive conference. Thank you for your attention. 6/6