In this respect, the euro has done very well and this has been reiterated many times today. Rightly so. I want to discuss other important aspects of growth in the euro area, many of which benefit from the common currency. I will start by saying a few words about the role of financial integration in catalyzing financial development.
Related to this, I will discuss briefly some recent studies that show how equal access to financial markets is an important determinant of competition in the broader economy. And finally, I will talk about productivity in non-market services; in particular, how improved productivity in the provision of public services will be indispensable in reconciling sharply rising old-age dependency with acceptable level public services.