National language skills are indispensable here for discussions with the Executive Board and employees, as well as for looking into the files. Furthermore, it wouldn’t have been feasible to set up direct supervision of all banks in the euro area within a year.
GVCs are indeed more powerful in supporting growth than standard trade and, notwithstanding the diffusion of labor-saving technologies, can continue to boost growth. The Report rightly recognizes that with rapid technological change and increasingly complex production arrangements, broad-based structural policies—e.g., skill formation and other policies designed to ensure participation in GVCs—provide the highest payoff in enhancing countries’ competitiveness in international markets.