*  *  *  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.
And it is of fundamental importance to the lives and long-term prosperity of all of our citizens. We at the European Central Bank (ECB) have a steadfast commitment to price stability. This in turn provides support for economic growth and job creation across Europe.