The fundamentals of the euro area economy remain sound. The euro area economy does not have major imbalances . Profitability has been sustained and unemployment rates have fallen to levels not seen for 25 years. As a result of the improved economic conditions and wage moderation, the number of people employed and labour force participation have increased significantly.
•  In particular, I want to acknowledge the past principals of the college who are present at the celebrations today:  •  1. Shri R.C. Mody  2. Shri O.P. Sodhani  3. Shri P.K. Biswas  4. Shri S. Venkataraman  5. Shri T.R. Devarajan  6. Shri M. Jesudasan  7. Smt. Chitra Chandramouliswaran  8.