Although there are differences in the pace of ageing between Europe, Japan and the United States, those between developing and developed countries are even larger. 26 Therefore, if production factors are internationally mobile, demographic factors may lead to sizeable flows between developed and developing economies, owing to significant differences in their demographic paths.
I therefore ask all of you to join me in acknowledging Dr. Legarda by giving him a round of applause. While Dr. Legarda cannot join us today, we are assured he is celebrating this moment with us as well. Dr. Legarda retired from the Central Bank more than two decades ago, but the central bank remains close to his heart.