Aggregate unit labour costs have fallen substantially, with the exception of Italy, not to mention France. This has sent price competitiveness sharply higher in many countries, boosting their exports. Greece, to name but one example, is attracting an increasing number of tourists.
On our side, you can rest assured that the Bank will leave no stone unturned to reach out to the population. I thank you for your attention. 4/4  BIS central bankers' speeches