*  *  *  Ladies and gentlemen, I am delighted to have the opportunity to participate in this debate. Competitiveness is a key issue of economic policy in each and every country of the euro area. It is a key issue for the euro area as a whole.
Globally, over the next two decades, the number of people aged 65 and over will rise by more than 80 per cent, from 600 million to 1.1 billion. Canada is no exception to this trend. The baby boomers are starting to retire, and so the proportion of the population that is of working age is shrinking.