Chart 8 shows the cumulative growth of unit labour costs relative to the euro area average from the start of EMU. While countries like Germany, Austria and Finland continued their modest wage policies, unit labour costs in Southern European countries went up at a much higher pace, undermining their competitiveness. This proved unsustainable.
In the same vein, I would also like to thank the former chairperson, Mr. Gift Kavari for his contribution. Your guidance and input has provided a significant foundation for PAN. As financial systems have become increasingly complex, stricter control, oversight and coordination of payment systems are required. Namibia is not an exception in this regard.