-12-  see the direct contribution of Chinese growth to that of its neighbors at the margin, apart from the indirect effect due to China’s exports to advanced economies. The results of such an exercise, based on 10-year rolling regressions, are presented in slide 14. Note that in the first half of the 2000s, the effect of advanced-economy growth on emerging Asia ex.
To fully exploit the beneficial effects of Economic and Monetary Union and the Single Market, further structural reforms must enhance the adjustment capacity of the euro area. This includes sufficient wage differentiation, especially to improve employment opportunities for less skilled workers and in regions with high unemployment.