These studies suggest there is tentative evidence of a recent shift in saving behaviour in Australasia owing to pessimism around income growth and the negative shock to wealth emanating from the GFC. The former would suggest a more enduring change, while the latter is more consistent with a prolonged cyclical adjustment. In both countries, there is no obvious sign that ageing demographics (i.e.
Despite the challenges facing the euro area, progress was made in 2012 and I am confident that 2013 will bring a deepening of Economic and Monetary Union and will strengthen European integration. The ECB plays a key role in bringing the countries of Europe closer together.