Its exports and imports of goods reached 33% of its own GDP in 2006, a figure to add to the rising importance of trade in services – around 10% of GDP. In 1998, euro area exports and imports only accounted for 24% of GDP, and trade in services for 8%.
Taken together, such activities help entrepreneurs and emerging small businesses develop and create employment, encourage the prudent and productive use of credit, and ensure more-vibrant communities and a better quality of life. In my remarks this morning, I will focus on two important Federal Reserve initiatives.