 It is a great pleasure to introduce President Pedro Sánchez, who is coming to Davos freshly confirmed by the Spanish parliament after winning two elections in a row. The president just appointed his cabinet, the first coalition government in the recent democratic history of the country. This economy is strong, growth is above the EU average, jobs are being created, exports are robust, yet structural reforms cannot wait any longer, so reforms, reforms, reforms. The path will not be easy, but I'm sure that under your renewed leadership, Spain will successfully weather the current global slowdown and transform its productive model, making it more inclusive and sustainable. Internationally, President Sánchez has also emerged as one of the great champions of multilateralism. This is encouraging at a moment when precisely we need true internationalist leaders more than ever. We saw that very recently when Spain came to the rescue and offered to host the COP 25 in Madrid, or organized it in just three weeks, they organized this major conference with tens of thousands of participants, which normally takes years to plan. This highlighted Spain's unmitigated commitment towards a fight against climate change, and President Sánchez is also a leader in the promotion of gender equality, and the activism of his government in this area is a shining example for many other countries worldwide. And let me share with you that President Sánchez's commitment to multilateralism is also felt and benefiting the OECD. Actually, Spain will be chairing our ministerial council meeting this year at the end of May, and this will be an instrumental meeting as we rethink our model of progress. At a time when inequalities, environmental degradation, and citizens' discontent invite us to pause and think on the future we want, I'm glad that Spain has put a focus on our ministerial and how we can bring about a new inclusive and sustainable growth model. A model that accounts for the extraordinary technological and demographic transformations that are taking place. A model that measures progress for what it should really be, better lives for our citizens without leaving anyone behind. Mr. President, the floor is yours. Good morning. Thank you very much, Angel, for your kind words. Spain is today seen by the world as a stable democracy that seeks to strengthen its values by developing citizens' rights, combating inequality, and committing to social justice and equality between men and women. So in the face of nationalist regression in every sphere, my government is firmly committed to effective and inclusive multilateralism as the only solution to address the major global challenges of our times. Spain, as you know, is a southern European country. It has fraternal ties with the Latin American countries due to history and language. It is a neighbor of Africa. It shares an age-old friendship with the people of the Middle East, and it has an ever-grated aspiration to strengthen its ties to Asia, which has become the world's fulcrum in recent decades. Spain is therefore an open country with a clear will to continue fighting for a more open and cohesive world, a world that finds its inspirations in the agenda 2030, an agenda that contains, in my opinion, all the policy lessons we need for this decade. And precisely because Spain is a country that is open to the world, it is well aware that the challenges faced on every continent in this second decade of the 21st century are the same for all, with different degrees of intensity and urgency. But exactly the same. Just a few days ago, I present the mandatory government program to the Spanish parliament in order to obtain its vote of confidence. The program described the five challenges facing Spanish society and the five transformations necessary to overcome them. And please allow me to explain them here so that together we may see how this description of Spain is also a description of the world as a whole. Firstly, the consolidation of economic growth that involves the creation of decent jobs. Economic growth at any cost is not acceptable. Growth that widens the social divide is not acceptable. Growth that creates pockets of working poor is not acceptable. We need to grow and distribute at the same time. And we must therefore ask ourselves what we are doing to prepare for the major change in our job market. Spain's economy continues to grow at a faster pace than that of the eurozone, as Angel has mentioned before, but we need to improve our competitiveness, productivity and cohesion to make that growth sustainable in the long term. And we will do so without ever letting decent employment out of our sight. We don't want a future of precariousness or of working poverty. The second challenge is what I want to talk is the digital transformation of our economies. Artificial intelligence, biotechnology and robotics are not mere links in the chain of ongoing economic change, but true levels for total transformation. In a decade, our production systems, our mobility, our cities, our health, and our everyday lives will be completely different to how they are now. There will be new products, new markets, new ways of organizing our activity. So our goal is to make all of that contribute to greater economy and social well-being for the majority of our citizens and not to the gradual breakdown of our welfare state. Our society's human capital will be key to promoting and enabling technological change. Spain's new government wishes to make education and research its center of gravity because they are the guarantee of a good future. We're going to commit to training at all levels, especially vocational training, which needs a major boost in our country. By 2025, Spain will need to have created 200,000 new vocational training places and strengthen teacher training and the link between training and the productive sectors. The third challenge, ladies and gentlemen, is the ecological transition. No other change or challenge story is better proof of the fact that the challenges we face in a country like Spain are actually the challenges facing all of us. An area in Australia that is bigger than the Netherlands and Belgium combined is in flames. Puerto Rico is being flooded by torrential rains. But here as well, very close to where we are now, glaciers are melting at a greater speed. Swiss glaciers have shrunk by 10% in these past five years. So the climate emergency is a disaster that knows no borders. And we are the last generation that will be able to address it effectively. According to the International Renewable Energy Agency, the assembly of which will be chaired by Spain in 2021, the damage caused in 2018 by natural disasters increasingly linked to climate change amounted to 165 billion dollars. In Spain, for the first time, the government has a vice president, not only one for digitalization, but other for the ecological transition. Placing, therefore, climate action at the heart of the government's policy. Just yesterday, the cabinet approved a climate emergency declaration, and we are firmly committed to advancing towards a decarbonized energy model underpinned by renewable resources. And to achieve these goals, Spain has presented its strategic framework for energy and climate as a roadmap for reducing greenhouse emissions in the coming decade. Our aim for 2030 is to reduce our emissions by 20% compared with 1990. And our ultimate goal is to achieve climate neutrality by 2050, with 100 renewable electricity systems. But in the same way that no economic growth can be good, if it does not reduce inequalities, no ecological transition can be positive if it's not just, if it leaves people behind. The government of Spain, and I'm very proud of this, has prepared a just transition strategy, the first of its kind in the world, in line with the European Union's Green New Deal, which seeks to protect the most vulnerable with respect to the necessary transformations. A strategy enabling all citizens to make the most of the job opportunities and improve competitiveness and social cohesion generated. No one must left behind. But regarding the ecological transition and the consequent change to the economy, I would like to highlight something important. It is within our reach to ensure that the impacts constitute a major leap forward. To make this change opportunities for modernization, for useful investments, and for job creation. To make them boost for the global economy. The Spanish government is going to work towards that horizon. Spain's Integrated National Energy and Climate Plan for 2021-2013, which was presented by the government to the European Union, received the highest assessment among all the member states. We're going to mobilize 236 billion euros in public and private funding between 2021 and 230, and we are going to create between 250,000 and 364,000 new jobs in a decade. The fourth challenge we're facing is the real equality between women and men. As Ángel has said, Spain is very committed with this agenda. Half of the world's population cannot continue suffering sexual aggression, employment discrimination, and lower income. But neither can the other half, the men, continue allowing the waste of women talents and the flagrant violation of the most basic human rights. It is not fair. Moreover, it is not even efficient because greater participation of women in the economy would have positive effects on growth and as proven in many studies. Feminism shall continue to be one of the hallmarks of this Spanish government, and this is reflected in the agenda balance, the composition of our cabinet, in which three of the four vice presidents are women. And this hallmark of our identity will also be reflected in the development of public policies favoring equality, a law that includes equal pay through pay transparency, equal paternity and maternity leave. The organization of working hours, this is a big challenge in Spain to enable the sharing of family care responsibilities and the unwarring fight against gender violence. The fifth and final challenge we are facing is that of social justice. We live in prosperous societies, which nevertheless have alarming levels of poverty and social vulnerability. Inequality instead of declining is becoming more equipped. And therefore, I remember last year here in Davos, the Dutch writer, Roger Brekman said something very interesting. He said something like this, I hear people taking the language of participation and justice and equality and transparency, but then almost no one writes the real issue of tax avoidance. And this is true, in my opinion. We say little about taxes, about fiscal justice, and let us not fool ourselves. There can be no social justice without tax justice. But I believe that the time has come to go once the further. It is not enough to redistribute income through taxes. We must advance towards predistribution, towards ensuring that the markets function in a fairer and more democratic manner. The empirical evidence is there, is overwhelming and shows that efficiency and equity are directly related. That growth and reasonable distribution are mutually compatible. Only growth that is inclusive and respectful of the planet can be sustainable. We all know our history. After the Second World War, Europe signed on to a pact that recognized the impossibility of achieving peaceful societies while large pockets of misery endured within them. I'm referring, of course, to the famous Social Democratic Pact, which laid the groundwork for the principal hallmark of the European Union, which is welfare state and social cohesion. The second stage was hazarded in the beginning of the 80s that led to deregulation and the excessive financialization of the economy which created in the year 2008 the greatest economic crisis since the Great Depression whose aftershocks are still felt by our societies. The time, I believe, has come, therefore, to enter a new era that restates collective progress, social inclusion, and protection of the most vulnerable members of our societies as hallmarks of our identity. A new era that resolves the failures of neoliberalism through the solvency of social democracy. A new era that never again allows economic progress to be made at the cost of human beings. We have a long way to go, a long way to go, but there's already a clear blueprint of what we must start doing. Discuss tax and taxes and tax havens and work openly towards fiscal justice. Establish a minimum living wage that ensures that all citizens can live free from poverty, focusing particularly on children. Establish a new social compact that balance the generation of income and through predistribution reduce the strain on the welfare state, thereby strengthening it. Address the aging of our society and reform our public pension system to ensure decent pensions that are economically sustainable. The new government of Spain, and Angrel mentioned it before, consists of a coalition between the Spanish Socialist Party and Unidas Podemos, a party to the left of the Socialist Party. It will not be a government that stands back and watch, but one that is willing to act, not an instrumentalized government, but one that is committed to society and to the future. A government, in short, that champions accountability. We also set out to show that the far right and also closer border nationalism can only be fought in one way, through politics or through the politics of the common goods, providing a response to people's problems. Citizens will believe in democracy if democracy believes in them, in each and every one of them, if it strives to provide them with opportunities. Otherwise, our social market economy will not survive. Our model of freedoms will not survive. These five major challenges, which are Spain's challenges, but are shared by all, will be addressed in a positive context of growth and job creation, albeit at lower rates than in recent years, with a Spanish economy that is clearly more robust and more balanced than in the past, an economy which continues to correct the bubbles and excesses of the past times, making it more resistant to internal and external shocks. And in this undertaking, we will, at all times, exercise fiscal rigor and sound management of our public accounts. This is why we maintain our commitment to reducing the deficit and public debt levels, which will undoubtedly generate greater confidence among economic agents and enable us to have a government with greater possibilities for action and future investments. The stronger or the stronger performance of the Spanish economy generates trust, as reflected in the relevant indicators. The risk premium, our low public debt interest rates, the significant upturn in investments and positive foreign investment figures all make us optimistic about the future. Ladies and gentlemen, the Spanish government has a mandate for 1,400 days, but we will carry out our work thinking about the next 3,000 days, the next 5,000 days. We must think about the world that we want to have in 2030 and in 2050, and we must work for the future now. A world with sustainable economic growth in which no one with a job is poor, a world in which artificial intelligence and technology have freed us from many honorous tasks and have contributed to the well-being of all citizens, a clean, ecological, sustainable world, a planet with no sell-by date, a world in which men and women earn the same salaries and enjoy the same rights and the same security, and a world in short in which wealth is properly distributed and in which no one is robbed of the opportunity to enjoy a decent standard of living. At last year in our world session, the founder of Davos, the economist Klaus Schwab, warned us that we are at a critical moment in the history of humankind and called on us to ensure that globalization 4.0 is more human, more inclusive, and more sustainable. This is precisely the goal of the Spanish government, the new Spanish government, to embrace all the opportunities opened by the fourth industrial revolution in order to build a fairer society in a more sustainable world with multilateral governments. Thank you very much for your attention. Mr. President, Europe is growing fragmentation on the political side, it's growing polarization. And how do you, now that you've gotten your government together and you got your coalition together, you're thinking about the future, how do you think that Europe could deal with this issue of fragmentation and polarization? After all, how can we gather around the values that are common, many of which you mentioned a moment ago? Well, of course we have many challenges ahead as the European Union, but I'm quite optimistic. The outcome of the electoral results last May, last year, I think was very positive for the European Union for those political forces that we believe that the way out and the solutions for many challenges that we have in our societies needs a stronger Europe. Center-right liberals and also social democrats and also with the participation of the Green parties, we reach a clear majority in the parliament in order to pass many laws that we need in our countries. So I'm quite optimistic about this new term of the new commission. Secondly, I think that, well, we have cleaned some doubts and some, I would say, difficulties last year with the Brexit. I think that after the UK elections, we are facing a new kind of negotiation with the UK. I'm looking forward to collaborating with the UK government. I think that we can reach as soon as possible a very positive agreement for the European Union and also for the UK. I think it's in the interest of both sides to reach that positive and constructive agreement with the better relation, the best relations that we can reach in this new situation. And thirdly, all these five transformations that I mentioned as the main goals of the new Spanish government are completely aligned with the strategy stated by the new president of the commission, Ursula van der Leyen, before the European Parliament. Of course, always my dear friend, the problem is how you back all those policies with the resources. And this is the big debate that we will have in Europe. How are we going to agree in a new financial, let's say plurian plan for the next years? But I'm quite optimistic about the political support of the European values. And of course, the new commission that I think is, you know, very with the enough strength in order to reach those challenges. Of course, from our side, from the Spanish government, we are going to be very constructive and very supportive of this new term. Mr. President, Latin America, Ibero Americas, it's sometimes called. Typically, we think of Spain as the bridge. Europe to Latin America. But today, Latin America seems to be the focus of discontent, you know, and flare-ups. Now, how do you believe that this discontent, this frustration, especially by the youth, can be addressed? Obviously, what do you think Europe could do about it? And last but not least, of course, Spain, please. Well, it's true, I mean, Ángel, you come from Mexico, you know quite well, much better than me, you know, the situation and the reality of Latin America. Latin America is not a compact and homogeneous area. You have many countries with diversity of language, culture, et cetera. I think that from our side, from the European Union side, especially from the Spanish side, it's very important to strengthen the integration process in the region. I think that the lack of integration in Latin America is something that is working against their interests. So, for instance, when I had the opportunity to meet most of the leaders of Latin America, they complained a lot about the migration crisis because of Venezuela, because of Licaragua, and because of, well, the climate change refugees that, of course, in Central America, they're suffering, especially in Honduras, for instance, to put an example. I think that it's crucial for Latin America to strengthen their regional integration process. We have seen some interesting cases, for instance, in the Alliance in the Pacific. I'm looking forward to strengthening that collaboration also with Mercosur. You know that we reached, finally, last year, an agreement between the European Union and Mercosur, and we are now about to ratificate this trade agreement in the national parliament. Of course, that trade agreement with Mexico, with Chile, with Central America, and, of course, this strategic discussion with COVA that we are about to negotiate as the European Union. I think that they have to put more focus on this regional integration process, and, of course, on our side, I think it's very important, it's crucial to have this Latin American perspective from the European Union side. It's a pity that, for instance, the only space of multilateralism that we have from the Latin American side and the European side is this Iber-American summit that this year is going to be gathering in Andorra, very close from here. I think that we need, in this new term for the European Commission, to boost this collaboration, for instance, with this meeting of the CELAC. That would be an extraordinary idea, an initiative of the new Commission for the years to come. Mr. President, in your speech about Spain, you mentioned inclusion, and you mentioned reforms. Is there something about Latin America that maybe they could share about this? I was speaking with President Duque from Colombia and President Lenin from Ecuador, and, of course, to have a redistribution, you need to have a strong fiscal system. And one of the challenges that Latin American governments are facing nowadays is how they strengthen their fiscal system in order to have policies that redistribute that richness among the people. Mr. President, last but not least, Spain. Now, you just formed your government. You just announced your government plans. It was validated by the parliament, so you now have a clear mandate ahead, but you're in the midst of a global slowdown with trade tensions as high as they have ever been and with an average tariff for trade as high as it's been in a long, long time and with growing inequalities across the board. So it's a tough environment in which you're going to have to deliver. And on top of that, of course, you have a very clear social agenda and climate, climate, climate. Absolutely. As you have said. So could you tell us a little bit of the secret of how you mix them all? Well, I think that is, in my opinion, our goals, our main goals, of course, is to defend the welfare state. Of course, is to provide social inclusion. You know, Angel, for instance, in our countries, something that for me is very negative. I mean, it's a negative impression, but it's the truth. We have 2.2 million kids in poverty. So we need to strengthen these inclusion policies in order to give opportunities, especially for the youth. As you mentioned in many reports of the OECD, the inequality, especially in our country, in my country in Spain, is suffered by the youth. And it is because we design a welfare state that is much more focused on the elderly than on the youth. And it's not a problem of, you know, confronting one generation to the other, but to reinvent and to redesign most of these social policies in order to be much more, not only efficient, but also positive. Secondly, I think that for Spain is crucial to lead digitalization, to lead the ecological transition. I think that we can create a lot of new opportunities, not only for enterprises, but also job creation. Of course, in the end, not only for big companies, but also for governments, it's crucial to have planification, to see your work not only on a week-by-week basis, but four years, eight years, 12 years. This is something I lack not only in the public debate in Spain, but also everywhere. Politicians, governments, we need to think about our countries and our continents, and for instance, the European Union in the midterm, what we want to be and how we provide ourselves with the instruments and the tools to deliver it. And I see the European Union and Spain leading the ecological transition, leading an industry that is respectful with the planet, leading the social inclusion, and leading, of course, a new era of digitalization. Digitalization is also a very interesting debate about property, rights, freedoms. And when you see what is happening in China or in the United States, I see that for us as Europeans, this can represent a huge opportunity, not only for economic growth, not only for labor opportunities, but also to create much more democratic societies in the world, which I think is also very important for all of us. Mr. President, thank you so much for the time, for the opportunity, and let me ask a very numerous public today to express their appreciation and give you a send-off with the best of luck for your new mandate. Thank you very much.