First, there are diverse structures of production and consumption. Countries specialising in different areas will tend to exchange goods and services. Complementarity of economic structures entails market integration and is in no way detrimental for a monetary union. Second, there are structural differences that help us to cross-check the sustainability of nominal and real convergence.
As you strive to enhance the well-being and dignity of your members and improve their professional status, you also magnify the values essential in attaining the BSP vision and mission. Let us therefore join hands as we embrace the changes in the way world-class central bankers perform their tasks! Thank you and good day! BIS Review 19/2007  1