A second key element for sustainable growth in the euro area relates to the implementation of reforms that can improve the competitiveness of the euro area. I have already elaborated on the sustained decline in euro area labour productivity growth and its consequences for potential output growth. In this context, competitiveness is also of crucial importance to the various components of euro area economy.
It is also a good avenue for authorities and private sector to share their  BIS central bankers’ speeches  3  experience and exchange their views for breakthrough in creating sustainable financing for development. Asia is now facing great challenges and we must work together to choose the right path.