Production and  1  I would like to thank Arthur Saint-Guilhem and Spyros Andreopoulos for their contribution in the preparation of this speech. BIS central bankers’ speeches  1  incomes are growing again and growth is spreading visibly to the most stressed parts of our Union.
And our Union has expanded in the meantime, a sign that the euro project remains an anchor for the future of many Europeans once on the outskirts of the Continent. But the necessary institutional transition – which is re-shaping and reinforcing the architecture of monetary union – is still proceeding.