The recent collection by the ECB of balance sheet items of investment funds and the Financial Vehicle Corporation (FVCs) classification exercise has provided detailed data and enabled a better surveillance of the euro area non-bank financial sector. However, granular statistics are still not available for more than 50% of the sector’s assets.
Others have transferred labour-intensive production offshore, but have kept and developed their high-skilled operations in Canada. Let me make one last very important point. From our discussions and our analysis of the data, it is clear that manufacturing is not a monolithic sector. There is no single strategy that will work for every manufacturer, because every business is unique. Some manufacturers face sector-specific challenges.