According to the results of the 2015 PISA report, which evaluated for the first time the financial capabilities of pupils at the end of their secondary education, Spain stands significantly below the average for the 15 countries that participated in this evaluation, and it is ranked eighth out of the 10 OECD member countries that participated. Sustainable finance One last change directly affecting us, and which merits highlighting, is the environmental challenge. The term “environment” should be viewed as broadly as possible here. Previously, when talking about the environment, I was referring to the regulatory framework in which we move, to the prudential supervision we undertake, to the economic reality in which agents act and to society as a whole. Now, “environment” must go beyond this, referring also to climate and to the consequences human actions have on it. It is here, moreover, that the aforementioned conflict between short-term actions and future benefit, in the very long term, are most manifest. The long term in this case is related to the life of future generations, which magnifies the importance of the matter. If we turn to look at society again, there is clearly growing awareness regarding the climate challenge. What are the public authorities doing in this respect? Though not with sufficient speed, it is to be acknowledged that the ecological transition is gaining visibility and importance on the agenda of international financial organisations.
I shall confine myself to saying that the changes have affected all the elements making up the well-known capital ratio, which is the centrepiece of solvency regulations.3  2  “A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.” 3 Any regulatory ratio is structured on the basis of the definitions of what should eligible for calculation purposes, both in the ratio’s numerator and denominator, and of the level it should reach. The new regulations have changed these three elements of the ratio: (i) the numerator shows a figure for capital calculated in keeping with a new, much more demanding definition; (ii) the way in which risks are translated into weighted assets has been changed in the denominator and various caveats have been added regarding the use of internal models; and finally, (iii) the required ratio level has been raised considerably, and additional "buffers" have been added, inter alia, to cover the risks systemic institutions evidence. 7/13  While the capital ratio is important, it is not by any means the only significant measure. The crisis has shown that focusing solely on one metric may be counter-productive. Thus, other elements have been added. These complement the classic solvency metric, and relate to banks’ liquidity or leverage. Moreover, the focus has been placed on banks’ business model and governance.