Andreas Dombret: Addressing proportionality in Europe Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the 13th BCBS-FSI High-level Meeting for Africa on "Strengthening financial sector supervision and current regulatory priorities", Cape Town, 24 January 2018. * * *  1. Introduction Dear Fernando Restoy Ladies and gentlemen Welcome to the second half of the day.
As seen in Germany since last year, past moderation of unit labour costs has very significantly contributed to declining unemployment and higher growth. The competitiveness gained by the German economy was an important prerequisite for sustainable job creation and sound and long-lasting growth. The proper functioning of adjustments through labour markets also requires the completion of the Single Market.