The national central banks in the Eurosystem no longer conduct foreign exchange intervention. It is fair to ask, therefore, whether they now have surplus external assets. There is a recognition that this question should be addressed in due course. These reserves are subject to call by the European Central Bank.
The more rapid growth of these sectors would allow starting the engine of innovation, given that these particular sectors invest most heavily in research and development. Now we are as much as halfway behind the EU average in terms of investment in this area. Dear colleagues, The new reality has also led to tectonic shifts in the EU economic policy.