Turning to the euro area, real GDP growth slowed from 0.4 percent, quarter on quarter, in the first quarter of this year, to 0.2 percent in the second quarter. This slowdown was due to a contraction of net exports, reflecting the weakness in the external environment, while domestic demand remained resilient.
This then forms the crux of our interaction today – how can such far reaching changes be brought in the mind-sets of millions of bankers who look at these recent developments with awe, interest, curiosity and also with a determination to surmount the impending challenges. One of the main challenges today is to recruit appropriate work force, train them and also retain them.