But others are also arising as a result of this crisis. The globalisation of production The crisis has highlighted some of the vulnerabilities associated with globalisation and the risks arising from protectionism. Set against this, Spain should play a leading role in defence of a global trade model, based on multilateral rules and free competition. Let us not forget that Spain has increased its external openness very significantly, which is essential for our growth but also makes us more sensitive to any reversal in international trade. Digitalisation  9  The crisis might also accelerate the ongoing digitalisation of the economy. It has demonstrated the possibilities of remote working, whose use in Spain was limited prior to this crisis. Developing teleworking will mean its positive aspects must be boosted and its shortcomings mitigated. In particular, there is evidence that, if the right conditions are not in place, remote working productivity might be lower than that involving workplace attendance. Training policies are thus needed enabling the employment opportunities arising as a result of the more intense use of teleworking to be harnessed. Headway in e-commerce during the lockdown, building on its extraordinary growth in recent years, might step up in the future. In that case, it will be essential to understand its implications in terms of business competition and price dynamics, and, if it were necessary, to pursue measures minimising any potential adverse effects. 4.8.
We will continue to be actively involved in the finalisation of the international reforms. The combined package of national and international reforms represents a decisive step in the process of resolving the ‘too big to fail’ issue in Switzerland. BIS central bankers’ speeches  1  Domestically focused banks: adequate resilience, despite substantial increase in mortgage exposure This brings me to the domestically focused banks. For these banks, whose activity centres on Swiss lending and deposit-taking business, I would like to highlight three developments. First, these banks’ risk exposure to the Swiss mortgage and residential real estate markets rose markedly in 2015, with their mortgage lending volume growing at a similarly robust pace as in the previous year. In addition, they further increased their affordability risk and interest rate risk exposure from maturity transformation, against a background of slightly higher imbalances on the mortgage and residential real estate markets. Second, in 2015, these banks’ interest rate margins stabilised at a low level, after having fallen steadily and significantly since the start of the low interest rate period at end-2008. This stabilisation is remarkable, given that pressure on interest rate margins continued last year. Swiss money and capital market rates fell once again in 2015. At the same time, the interest paid by banks on customer deposits remained largely unchanged. Thus, the difference between these two interest rates – the liability margin – narrowed further.