Overall, the euro area has a high private saving rate and sound fiscal fundamentals, with deficit and debt ratios that are much lower than in the US, the UK or Japan. Its workforce is industrious and highly skilled; its firms are innovative and do not fear global competition.
If the euro area unites and overcomes the present crisis of confidence, it will emerge as a strong economy for the rest of the 21st century. I thank you for your attention. 2  BIS central bankers’ speeches