Challenges  This last point brings me back to the start of my speech, namely the need for all economies, including very large ones such as the euro area, to remain outward-looking.
It is reassuring to know that the euro area is today better placed than ever to cope with the challenges of international exposure, while at the same time reaping the benefits of globalisation. In order to do so three elements are needed. First, the dynamic effects of EMU will deepen the economic integration of the euro area.