These motives cannot be simply reduced to cost aspects, and particularly not only to labour costs, however important they may be.9 There are also tax considerations and regulatory differences to consider. 5  See, for example, Richard Reichel, Ökonomische Theorie der internationalen Wettbewerbsfähigkeit von Volkswirtschaften, Wiesbaden 2002.
I would like to conclude my speech by expressing our commitment to stronger cooperation with those of you who have gathered here today from the OECD and various countries around the world. Thank you for your kind attention. 2  Available only in Japanese. BIS central bankers’ speeches  3