In this vein, supportive national economic environments – including well-conceived physical and social infrastructures, sound public finances and, I should emphasise, stable financial systems – will all contribute to the competitiveness of the euro area. Let me go a little deeper into the challenges of competitiveness for Europe’s economy.
However, the economy is unlikely to show clear signs of recovery for some time, since exports and production are expected to be virtually unchanged for the time being while restraining forces such as excessive labor input and debt persist. Furthermore, the uncertainty regarding the outlook for the U.S. and other overseas economies, including geopolitical factors and their effects on the economies, is becoming greater.