BIS central bankers’ speeches  1  Without a doubt, the euro area lacks some of the characteristics of an optimal currency area. Labour mobility, for instance, is much lower than in the US; plus the business cycles are not synchronised, nor is there any central fiscal stabiliser.
3 Dollar, David (2019), “Global Value Chain Development Report”, World Trade Organisation, Geneva. 4 World Bank (2020), World Development Report, Washington, D.C. 5 30 cultural, 7 natural and 1 mixed. 6 Bain and Company (2017), “Tourism Opportunity for India”, Draft Discussion Document prepared for the World  Economic Forum, September 2017. 7 “Incredible India 2.0, India’s $ billion Tourism Opportunity”, World Economic Forum, 2017.