Sovereign debt in Ireland now stands at almost 120 per cent of GDP, up from around 25 per cent of GDP in the mid-2000s. For these reasons, the creation of a banking union is of paramount importance to promote financial integration and to ensure financial stability. Its further development is an important aim of the Greek Presidency.
On this note, I implore all participants to take full advantage of this meeting by contributing effectively to the discussions. It is my hope that your deliberations would reveal series of policy options to effectively and efficiently promote industrialization for inclusive and transformative development in Africa. 14. Distinguished Colleagues, Ladies and Gentlemen, I wish you all a successful and fruitful deliberation. 15.