As I mentioned at the beginning of my remarks, EU membership in 1973 did not 3/4  BIS central bankers' speeches  immediately deliver prosperity: the gains from economic and trade integration are long-term in nature and accrue only gradually.
Moreover, as I have emphasised in this speech, sustainable gains can only be obtained if the domestic policy framework provides the necessary infrastructural supports, establishes a pro-business environment for both domestic and foreign firms and secures macro-financial stability.