Europe is home to competitive and globally successful companies; it enjoys comparably efficient and effective public services; it boasts world-class infrastructure; it maintains advanced education systems and generates internationally competitive top technology. And, at the same time, the contours of what may be called the European Social Model have remained intact: a well-developed welfare system provides a safety net for the needy; income inequality is relatively contained, especially when compared to other parts of the world. Nevertheless, in a comparative perspective, in the light of the economic growth rates registered in the United States – not to speak of the spectacular growth dynamics in some emerging market economies – the performance of the euro area economy has been rather disappointing. What are the reasons? Taking a long-term perspective, and looking beyond the short-term fluctuations of the business cycle, we must examine the fundamental determinants of its potential or long-term economic growth: demographic trends, developments in labour utilisation and productivity and the variety of underlying factors that affect the ability of the European economy to achieve increased efficiency and to create more employment. In order to better understand and assess the relative contribution of these determining factors, it is useful to express, by employing a growth accounting framework, GDP growth in terms of the rates of change in productivity, labour utilisation and population. Table 1 shows the extent to which the rates of change in these three variables have contributed to real GDP growth in the euro area and in the United States over the period 1996-2005.
Caleb M Fundanga: The importance of cross border information exchange for Zambia Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the launch of the Alumniportal Deutschland, Lusaka, 25 November 2008. *  *  *  • Her Excellency the Ambassador of the Germany Embassy in Zambia • Management and staff from the Germany Embassy in Zambia • Fellow alumni • Members of the press • Distinguished invited guests • Ladies and gentlemen Guten Abend meine Damen und Herren. I am truly honoured to officiate at this important Launch of the Alumniportal Deutschland. I am informed that Africa has a rare honour of being the first continent to implement the Alumniportal Deutschland. I am certain that our implementation process will define the failure or success of the whole project. We thus have a huge challenge to ensure that we achieve success and provide a benchmark for others to emulate. However, looking at the many beaming faces present in this room, I have no doubt that we will provide more than just a benchmark for others to follow. I am glad to note that we are all optimistic on the success of this project in Zambia in particular and Africa in general. We have a duty to represent our continent and give it the honour that it so deserves. Your Excellency, the Launch of the Alumniportal could not have come at more opportune time when cross border information exchange has become cardinal in every aspects of life especially trade.