Zhou Xiaochuan: Some observations and analyses on savings ratio Speech by Dr Zhou Xiaochuan, Governor of the People’s Bank of China, at the High Level Conference hosted by the Central Bank of Malaysia, Kuala Lumpur, 10 February 2009. *  *  *  Respected Governor Zeti, Ladies and Gentlemen, Good Morning!
The Competitiveness Pact reduced unit labour costs by 6½ % in the period of 2014-17. Assisted by strong global demand, the pact was an important factor underlying Finland’s rebound from zero growth to 2-3 % growth in 2017-18. One might say, it’s small-country open-economy macroeconomics in action! 2.