Area-wide equity indices have been made available by various market participants, thus providing investors with opportunities to monitor area-wide equity positions as well as, in some instances, positions in area-wide industrial sectors. The fact that the euro area (and EU) equity markets are becoming more integrated, more liquid and deeper is good for market efficiency, and a more efficient allocation of capital should mean that equity financing becomes more readily available for companies. I should also like to mention that a prudent, harmonised regulatory framework, on the one hand, and harmonised market practices, on the other, are key factors guaranteeing a favourable outcome for these structural changes. In these areas a lot of work is under way, and much has still to be achieved in order to pave the way for truly integrated financial markets. Harmonisation in, for example, repurchase agreements, national company laws including bankruptcy laws, and other aspects of the legal and regulatory framework, would enhance legal clarity and certainty and thereby improve the efficiency and stability of the financial markets. Indeed, the European Commission recently published an Action Plan containing priorities and timetables for measures aimed at improving the single market for financial services. In the Action Plan, measures are proposed to advance the harmonisation of the legal framework and market information, as well as to facilitate investors’ operations throughout the single market. In this respect, I should also like to pay tribute to the International Organization of Securities Commissions (IOSCO) for its efforts.
But, above all, I feel a great responsibility at having inherited the enormous legacy of an institution with the history, functions and position in the Spanish economy of the Banco de España. I wish to begin this new stage thanking those people who have steered my career over the years. I have learnt from all of them and their teachings have been a source of wealth for me. My sincere thanks to all of them. Thanks, of course, to José Luis Malo de Molina, under whose leadership of the Research Department I have pursued most of my career, and, among others, Eloísa Ortega and José María Bonilla. They were most forthcoming with their trust and have, at different times, been a major source of guidance and support for me. Thanks also to Fernando Restoy, above all for being a point of reference in terms of competence and dedication to public service. Thanks especially to José Manuel González Páramo, who oversaw my Ph.D. and took me to Frankfurt. That experience gave me, early on, a first-hand view of the work of the European Central Bank and of the Banco España’s potential as a member of the Eurosystem. Naturally, my greatest gratitude is to Governor Luis María Linde for naming me Director General for Economics, Statistics and Research almost two and a half years ago. That was, unquestionably, the necessary step for taking me to where I am today. 3/5  Thank you, Governor, for your constant support over this period.