Developments in China and other emerging markets have led to a slowdown in global demand and financial market uncertainty. Forecasts for global growth are being cut. The key question for policymakers in the euro area in 2016 will be which of these forces gains the upper hand.
Our number one challenge, as a union, is to make sure that domestic strength prevails over global weakness. Our ability to influence the world economy is limited. But we can affect what happens in the euro area. We can take the measures necessary to strengthen our economies and make them more resilient to global shocks. For that, all policymakers need to play their part.