The Maltese taxpayer is still paying the price of past mistakes in this respect. On the other hand, the private sector must do its utmost to become more competitive without relying on subsidies, protection or unsustainable monopolistic positions. In the past, business used to agglomerate around what were perceived to be the safest and most profitable propositions, such as real estate development and importation. These activities have, unfortunately, also proved to be less productive than others. A fresh, export-oriented approach based on investment, innovation and higher value added is necessary for survival in today’s competitive global environment. This ties in very closely with the third factor involved in sustaining competitiveness, namely the need to increase the amount of resources in the economy and the productivity with which they are used. Productivity growth is perhaps the single most important objective for it determines how fast the economy can grow. And faster growth not only lifts living standards, but it also boosts tax revenues and makes it easier to do many socially desirable things, such as paying for tomorrow’s pensions. Turning first our attention to the labour market, human capital is the most valuable resource this country possesses. We must nurture it and use it as productively as possible. Towards this end, our labour supply and our work practices must be flexible enough to rapidly adapt to changing market needs. Training and development must be an on-going process, especially in the skills that are most in demand.
François Villeroy de Galhau: Franco-German experiences and challenges in the euro era  relations  -  Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Europadialog, organized by the Investitions- und Strukturbank Rheinland-Pfalz (ISB), Mainz, 21 March 2017. * * * Madam Minister-President [Ms Dreyer], Madam Finance Minister [Ms Ahnen], Mr Spokesperson [M. Dexheimer], Ladies and Gentlemen, I am delighted to be here with you today in Mainz, and I sincerely thank you for inviting me. On a more personal note, I am here as a committed European and a friend of Germany. I am particularly attached to the Franco-German friendship: I am French and live in Paris, but my family’s roots are in a neighbouring Land, Saarland, where my family has lived since the end of the 18th century and where its porcelain manufacturing company Villeroy & Boch forms part of the German “Mittelstand”. When I spend my holidays in Saarland and I go north, I admire Trier; or east, Neustadt an der Weinstraße. And when I come fortnightly to participate in the ECB Governing Council, I am very close to your beautiful town of Mainz. There is no doubt in my mind that “we, the citizens of the European Union, have united for the better”, as stated in the Berlin declaration of 25 March 2007. This was for the 50th anniversary of the Treaty of Rome, and this is still just as true four days before we celebrate its 60th anniversary.