That said, low inflation in the eurozone adds some additional pressure on the adjustments of the Spanish economy. The recovery of activity has proceeded alongside significant employment creation. Employment grew at an annual rate of 3.2% in January. Social security affiliates have increased by more than half a million people in 2015, a figure closely in line with the latest numbers provided by the labour statistics. The unemployment rate stood at 20.9% at the end of last year, 2.8 percentage points lower than a year earlier and 5.4 percentage points below the peak at the beginning of 2013, but this is still a very high figure comparing it with Europe or the Eurozone. BIS central bankers’ speeches  1  The favourable dynamics of the labour market since the start of the recovery can be explained, at least partially, by the process of wage moderation which, in turn, is associated with the effects of the 2012 labour market reform. Balance of payments The performance of the external sector in recent years has been remarkable. In terms of the current account balance, Spain has successfully addressed deficits around 10% of GDP at the beginning of the international financial crisis turning them around to surpluses above 1% of GDP since 2014. Exports of goods and services have been a key driver of these developments, with sales abroad growing well in excess of export markets themselves.
Bandid Nijathaworn: Rethinking the role of financial soundness – financial infrastructure and long-term sustainable growth Remarks by Mr Bandid Nijathaworn, Deputy Governor of the Bank of Thailand, at the 8th Bank Indonesia Annual International Seminar 2010 on “Rethinking Macroeconomic and Financial Policies”, Jakarta, 22 October 2010. *  *  *  Thank you Chair, Let me begin by thanking Bank Indonesia for the invitation. It is a pleasure to be here. On the issue of financial soundness, it is certainly hard to overstate the importance of a sound financial infrastructure. In normal times, the financial sector plays a critical role in driving the real economy. But during times of stress, having a sound financial infrastructure is all the more important, because it is the viability of financial institutions that typically draws the line between a mild economic setback versus a full-blown crisis. But what are the essential features of a sound financial infrastructure? Let me highlight three key elements that I believe constitute financial system soundness. First is the efficiency aspect. The financial sector must perform its core functions efficiently. To this end, substantial progress has been made in Asian emerging markets, partly by default as globalization and the rapidly growing economies in Asia have raised competition among financial institutions, and also by design given the continuing efforts by the authorities to deregulate and develop the financial sector. Making further headway on these fronts, therefore, should be a continuing process. And I think this is what Bank Indonesia is doing.