  For China, continuing the rebalancing process from external to domestic demand, from huge public enterprises to private enterprises, demographic ageing and dispersion are no less challenging. In such an environment the increased role of the Renminbi will be one part.   The European Union must resume the path of institutional deepening.
It needs less divergence and more structural reforms to enhance growth and employment. Also, enhanced stability in the financial sector is of the essence. We must furthermore strengthen the economic governance of the European Union with reforms designed to a stable Euro and strengthen the foundations for sustainable public finances. In such a surrounding the Euro can and will stay a credible currency.