Endnotes [*]  My thanks to the many colleagues in Economic Group involved in putting these forecasts together, as well as colleagues from Financial Markets Group and Communications Division who also contribute to the .
In particular, vigorous growth in emerging markets increases the demand for those goods and tradable services where the euro area has comparative advantages. Emerging market competition also strengthens the incentives to make further progress in terms of structural reforms in our economies, which are, in any case, needed.