However, while tensions in financial markets have been easing, business sentiment has shown signs of improvement in core countries such as Germany. Regarding the outlook, as economies outside the euro area pick up, economic activity in the euro area – particularly in the core countries – is likely to gradually emerge from the deceleration phase, led by exports.
The availability of a global pool of human capital also presents new challenges as to how firms should organize themselves to take advantage of this opportunity. The uneven distribution of skill requirements and wage levels between advanced and emerging countries has also proved to be a strong push factor for surging migration flows. These changes couple with key secular demographic trends.