In the first nine months of the year, the fall in Gross Value Added has eased across virtually all the productive sectors, with the principal exception of energy. Leaving this sector aside, Gross Value Added is expected to have declined by 2.2%, thereby breaking the trend towards increasingly bigger contractions in this aggregate. This turnaround in Gross Value Added is closely related to the momentum of exports and reflects the fact that sales abroad, and, especially, those targeted on countries outside the European Union, have increased their relative weight in net turnover. On the figures to September, Net Profit rose to account for almost 12% of the sector’s Gross Value Added. In short, the Central Balance Sheet Data Office results published today corroborate the turnaround in the Spanish economy suggested by other macroeconomic indicators, although they also confirm that the momentum of expansion is still weak; accordingly, we must persevere with the reforms and policies that have enhanced our competitiveness, the main engine of the improvement witnessed these past months. I shall now very briefly comment on three important projects for our financial system. The first is part of the process of reform of securities clearance, settlement and registration in Spain. I refer to the introduction of a central counterparty (CCP) for stock market operations. The use of an entity of this type has been habitual in the derivatives markets and also, more recently, in bond markets.
So far, 24 European central securities depositories, accounting for practically all euro area markets, have committed themselves to taking part. 2  BIS central bankers’ speeches  The second European initiative I would like to mention is SEPA, the Single Euro Payments Area. The goal of the SEPA Project is to make electronic payments as easy, convenient and straightforward for the residents of any euro area member country to carry out as are their cash payments in other countries in the union. The initial aim is to eliminate the differences between making a national payment and a cross-border one, although the benefits extend also to payments made in the national arena. What is involved is a further step in the ongoing integration of financial services in Europe. To achieve this, we must adapt to a new set of rules and uniform standards in Europe. But we have very little time remaining: Community legislation envisages SEPA being in place as from 1 February next year. It is a far-reaching project, necessitating changes in the relationship between paymentservices users and providers. That involves efforts and investment on the part of financial institutions, but also affects users, irrespective of their size. It is important that banks should strive to make the transition by their customers easier. In this connection, communications and advice to customers must be stepped up, informing them of the new circumstances ahead and offering them the necessary support in their migration to the new payments scenario.