The results we have obtained in the last year have been quite better than the world’s average and much better than we projected a year ago. But there is still a long road ahead before we achieve the stage of development we all wish for. Besides, the present situation poses significant risks. Coordination with every organization in charge of policies is critical to succeed in meeting this challenge. If the economy continues to grow above trend, or spending exceeds our true possibilities, especially in some sectors, some imbalances may be incubated that may generate significant vulnerabilities and require costly adjustments going forward. Our history has  6  BIS central bankers’ speeches  taught us how difficult these adjustments can be, and we must do everything in our power to avoid revisiting these situations. More so considering that these events hit the most vulnerable population hardest. As I have said on previous opportunities, Chile enjoys a high international reputation in many circles. The laudatory words about our economy recently uttered by the IMF’s Managing Director attest to that. Our country stands out for its soundness, its good macroeconomic management and the functioning of its institutions. This is an important asset, especially in a small country geographically distant from economic centers, so that should be valued and nurtured. Our duty is to protect this reputation and conduct policies that allow maintaining sustainable development of the economy economic aiming to achieve greater welfare of our country.
Spain ranks above EU averages in 4 out of 5 of these indicators. In particular, Spain ranks 4th in the digital public services which focuses particularly on e-Government and e-Health services. In sharp contrast, Spain ranks in 17th position in the Human Capital dimension, which measures the skills needed to take advantage of the possibilities offered by digital technologies. All in all, these figures suggest that there is room to improve the global position of Spain in terms of both innovation activities and digitalisation, especially as regards human capital. This is especially relevant for the Spanish economy, which show low levels of firm productivity in comparison with their European peers. Let me conclude by saying that I am sure that the presentations in this conference will be the basis of fruitful discussions on key aspects of digitalisation and investment in intangible assets in Spain, such as its evolution and drivers, the existence of barriers and the best way to support those activities. These discussions will be very useful to enrich the policy debate  10  Eurostat (2019): Statistics on research and development COTEC (2019): Informe COTEC. Innovación en España 12 Eurostat (2019): Statistics on research and development 13 European Commission (2019): The Digital Economy and Society Index 2019 11  5/6  around these highly relevant issues. With this expectation, I wish you a very pleasant and constructive conference. Thank you for your attention. 6/6