In this respect, EU financial groups will be instrumental factors for building bridges of cooperation among economies of the region and its transformation into a larger, better integrated, more competitive, more profitable and prosperous economy, eventually leading to a prosperous economic future through economic cooperation. In this respect, I encourage foreign groups to adopt a regional rather than a country specific view when considering their future in the region. It goes without saying that any policy that restricts commitment and exposure of EU financial groups in the region does not support economic cooperation among our countries. It rather creates a struggling environment and a less prosperous future for all economies of the region. The Western Balkans region offers great opportunities and profitable perspectives for EUbased corporations and financial groups. The harmonization of above-mentioned reforms will create an even more attractive environment for different private entities interested in investing in our region. I invite EU financial groups to see the region under this perspective. European institutions and financial groups should support and become a positive force to facilitate, smoothen and support regional economic cooperation, which will lead to a better prosperous future and a faster European integration process of the region. Thank you for your attention! BIS central bankers’ speeches  3
Combined with high productivity growth, this has resulted in high corporate earnings and solid growth in employment. At the same time, wage-earners share of corporate value added has been reduced, from around 75 per cent at the end of the 1980s to 70 per cent at the end of the 1990s, and now  BIS Review 121/2007  1  stands at below 65 per cent. Solid productivity growth and high prices for export goods and deliveries to the petroleum sector have contributed to the reduction in the wage share over the past few years. The ample supply of labour has probably had a dampening effect on wage growth. Increased globalisation may have provided greater opportunities for Norwegian enterprises to relocate production to other countries if labour costs become too high. This probably places some restraint on wage demands among workers in sectors where enterprises have such opportunities. Historically, a high wage share has tended to be accompanied by low unemployment. Developments in recent years have provided the basis for strong growth in employment while the wage share has fallen. Is it possible to sustain the combination of low unemployment and a low wage share? First, it partly depends on whether the positive supply-side conditions are sustained. There is probably symmetry here. Should the terms of trade deteriorate, productivity growth slacken and foreign workers return to their home country, the wage share will increase, profits fall and unemployment increase. There is now a prospect of slower global growth.