Yet despite this progress, the euro area still faces considerable challenges. The economy is still weak. Financial fragmentation remains. This challenges the very concept of the Single Market. Small and medium-sized enterprises (SMEs) can find it difficult to access credit, particularly in countries under strain; and several key steps remain to be taken to complete the banking union.
Comparing 2015 with 1996, per capita GDP in developing countries increased by a factor of five in Asia, while this was two and three in Latin America and sub-Saharan Africa, respectively.3  Economic growth in Asia has been accompanied by a narrowing income gap between developing countries in Asia and high-income countries around the world.