5  See: Singh, M (2013), “Making the over-the-counter derivatives markets safe: a fresh look”, Journal of Financial Market Infrastructures, 1(3), Spring 2013. 6  See: Coeuré, B (2015), “Ensuring an adequate loss-absorbing capacity of central counterparties”, Special invited lecture at the Federal Reserve Bank of Chicago 2015 Symposium on Central Clearing, Chicago, 10 April 2015.
Unemployment is way too high in many countries. Moreover, the recovery in real activity has been accompanied by a gradual, but pronounced, fall in inflation rates. Against this background, I shall elaborate on three challenges for the euro area: (a) completing the repair of the banking system; (b) spurring productivity and competitiveness; (c) managing low inflation.