Implications for the euro area  And now to my last point: what are the specific implications of the growing role of emerging markets for the euro area? The answer is clear, this is good news. For instance, strong growth in emerging markets increases the demand for those goods and tradable services where the euro area has comparative advantages.
An Essay on Economic Growth in Western Europe, London: Macmillan, p. 131. BIS central bankers’ speeches  7