Ladies & Gentlemen, The topics which would be addressed during today's seminar reflect the determination of both the UAE and the UK to enhance and consolidate cooperation & coordination between the two countries and with the international community, contribute to the international efforts aimed at combating money laundering and terrorist financing, and assume an effective role in this domain.
Therefore, it is essential to understand and communicate that the medium to long-term benefits of structural reforms will significantly outweigh any short-term cost. The ECB therefore strongly supports governments in their implementation of structural reforms. For instance, in Germany, the labour market reforms, implemented a few years ago, have significantly contributed to job creation, lower unemployment and the recent economic upswing.