For its part, the total capital ratio has increased by 1.7 pp over the past four years, and the leverage and liquidity ratios are above the European averages. Indeed, recent stress tests by the European Banking Authority and the Banco de España show Spanish banks’ solvency position gives them considerable resilience against adverse scenarios. Nevertheless, even recognising the significant progress made in recent years, the Spanish banking sector continues to face important challenges, which it largely shares with other euro area banking systems. The most significant of these challenges are: i) speeding up the sale of unproductive assets; ii) strengthening capital and liabilities subject to bail-in; iii) improving the industry's reputation by avoiding the risk of misconduct; iv) confronting the challenge of profitability without undue easing of lending standards; and v) making progress in the use of new technologies, which, although they represent a major challenge for the 13/14  sector, at the same time they present an opportunity for those entities able to use them to their advantage. In short, the supervisory community and financial institutions share the future challenge of ensuring a more stable financial system that offers better services to society. Concluding remarks In this talk I have reviewed economic policy’s existing room for manoeuvre and instruments with which to address future crises. I started by discussing those elements (such as reform to the euro’s institutional architecture, international financial system reform and developments in world-trade rules, which will increasingly shape national economic policy).
You also ordered setting a minimum wage of Rls 3,000 for all Saudi government employees, allocated a monthly amount of Rls 2,000 for job seekers, and raised capital of the Saudi Credit and Saving Bank by Rls 30 billion. The number of family members covered by the social security was increased from 8 to 15 with an allocation of Rls one billion for that purpose. The government subsidies for charity associations rose by 50 percent to Rls 450 million annually, and needy families’ sons and daughters were supported to join  BIS central bankers’ speeches  1  universities through allotting them a portion of seats, facilitating their admission requirements, and exempting them from some tuition fees. This package of honorable royal decrees will enhance the standard of living of the least-income segment of population and promote its ability of saving and, thereby, raise its future productivity and income, and reduce poverty, to which you always attach considerable attention. In the health care arena, you ordered supporting the Ministry of Health with Rls 16 billion in order to carry out the expansion of a number of hospitals and health centers. You increased the maximum limit of the Ministry of Finance’s financing program of private hospitals from Rls 50 million to Rls 200 million. This would hopefully enhance health care services in the Kingdom.