While there is undoubtedly substance in these ideas, some of you may be disappointed to know that I am not a member of the school that thinks the business cycle has been banished, although I am happy to recognise that increased productivity growth in the 1990s has made the task of macro-economic management somewhat easier than formerly.
*  *  *  Your Eminence, Minister for European Affairs, Members of the Italian Parliament, President of the Region, Mr Mayor, distinguished guests, fellow governors, ladies and gentlemen, I would like to welcome you most warmly to this first Euro-Mediterranean Seminar of central banks.