*  *  *  It gives me great pleasure to be here today to give this public lecture on the European experience with monetary union. The fact that the lecture is taking place at my Αlma Μater makes this occasion a particularly special one for me, and I am grateful to Howard Davis and Kevin Featherstone for extending me the invitation.
Some countries did even better: In Poland and Estonia corresponding increase in economic welfare 1/2  BIS central bankers' speeches  was approximately 170%. Research from the EBRD shows that the countries that joined the EU have also been better in ensuring that growth is inclusive.