I am also convinced due to the successful cooperation between the two institutions so far, which was proved as very effective in preventing the occurrence and spreading of counterfeit money in the territory of our country, and because of our readiness to continue to tackle the challenges in this segment of our work in future, as well. The commitment of the National Bank to move safely along the way to the European System of Central Banks, constantly following European standards and practices and promoting all segments of its operations, is one of the main strategic goals. That’s why I assure you that with the same level of professionalism and commitment that we approach other challenges, we approach also to the implementation of this Project, giving our maximum contribution in the implementation of the activities that will have to follow after it is finalized. We sincerely hope that soon after the country’s admission to the EU, the integrity of the euro will be protected along with the integrity of the domestic currency. Actually, that is the reason that the Law on the National Bank already incorporates provisions that regulate the tasks and powers of our institution from the date of our country’s accession to the European Union, as well as the tasks and powers that we will have after the introduction of the euro as a national currency. 1/2  BIS central bankers' speeches  Hence, this project and its success are perceived as a long-term key investment in a significant segment of our operations.
I would like to stress just two ideas which may help us understand the exceptional situation we face and justify the urgency of the measures Spain needs. The first is that there is a feedback loop between the vicious circles in which the economy is caught and the contractionary forces at play. And if prompt action is not taken, these may inhibit the operation of the factors that should underpin a turnaround towards recovery. The second is that, once the worst of the crisis is behind us, i.e. when international financial markets regain stability and the world economy begins to pick up, the Spanish economy will not be able to resume growth at rates similar to those in the recent past if substantial structural changes are not addressed. This is because we will no longer be able, as previously, to resort to growing debt to stimulate domestic demand. The fiscal drive to date had been notable. This is evident in the rapid deterioration in public finances in recent months. Accordingly, in order to infuse economic agents with confidence, a strategy should be designed immediately to allow a return to budgetary stability, which was of such benefit to Spain. The current priority, therefore, is to focus on applying forthwith structural measures to promote a growth pattern with a greater emphasis on productivity, in contrast to that followed in the past 15 years. Specifically, among the aspects requiring the adoption of immediate measures are those relating to the workings of the labour market.