All government measures and all actions taken by economic policymakers and agents should be aimed at restoring the confidence we have lost. And one of the pre-requisites for doing so and for dispelling all uncertainty is that Spain should bring its public finances back on to a path of stability in line with its European commitments. I believe there is a sizeable consensus that Spain needs to redress its fiscal imbalance and move towards a path of stability, in line with its European undertakings, and that this is a pre-requisite for restoring confidence and dispelling uncertainty. Consolidation measures have been tabled that are capable of bringing about this change of direction in budgetary dynamics. And, above all, the national budgetary framework has been substantially reinforced in order to allow the coordination, monitoring, surveillance and, where appropriate, correction of deviations by the different tiers of government, which we were previously lacking and which is vital to achieve the fiscal targets set. The authorities at all levels of government have taken a significant first step in ratifying these targets and agreeing on their contribution to the consolidation drive that must be undertaken in the coming months. Now it is of the essence to restore credibility with a rigorous budgetary outturn, transparent management and, when necessary, corrective measures that shore up the fiscal targets set. That will attest to the strength of the commitment to the budgetary stability enshrined in the new Organic Law.
Broadly speaking, workers who can build skills and remain nimble can do very well in today’s economy, while those who can’t are much more likely to fall into lower-paying jobs and get stuck there. 2  BIS central bankers’ speeches  A skilled workforce that is matched to the needs of employers is also necessary for the economy to grow and prosper. By pursuing its mandated goals of maximum employment and price stability, monetary policy can help labor markets recover by providing incentives for firms to invest and grow. However, monetary policy cannot by itself solve skill mismatches that may exist in the economy. These frictions must be addressed in other ways, such as by workforce development policies. That is, monetary policy can complement workforce development policies, but is not a substitute for these policies. That is why I believe workforce development is so important for the long-term health of the economy. We need to help workers build the skills necessary to adapt to change. This makes workforce development a top priority for everyone involved: workers, their employers, their communities and the public sector, as well as education and job training institutions. We all need to share in the responsibility of helping people increase and maintain their skills. Successful workforce development needs to include what I call the 3 P’s: Partnerships, Programs and Placement. Partnerships entail the cooperative endeavors between local employers and educational institutions to determine the best strategies to help workers develop the skills that employers need.