Being able to rely on efficient low-cost subcontractors can substantially increase the competitiveness of the large exporters and has been an important factor underpinning the successes of Japan, Taiwan and Korea. B. Challenges faced by SMEs  9.
The strong cyclical momentum and ongoing reduction of economic slack have strengthened confidence among the members of the ECB’s Governing Council that inflation will gradually converge towards the inflation aim of a rate below, but close to, 2 per cent in the medium term.