In terms of competitiveness, progress since 2008 has been most significant. On Banco de España estimates, we will by early 2014 have regained, relative to the average of the euro area countries, all the competitiveness forgone from 2000 to 2008. These gains in competitiveness have been underpinned, above all, by the moderation of wage costs, a trend to which the labour market reform approved in early 2012 has proven conducive in respect of collective bargaining. Along the same lines, inflation has been very contained since 2009, and this has naturally contributed to the recovery in competitiveness. The export sector has shown great capacity and has notably increased its presence and sales both in the euro area and in other markets. Suffice it to say that this year, from January to August, the trade surplus, excluding energy, was almost double that of 2012, climbing from € billion to € billion. These developments have been upheld by corporate restructuring that has enabled the average value exported per company and the export base to increase. The sustained increase in the number of exporting companies over the past five years is due mainly to the growing participation of SMEs. Our trade balance with all regions has improved, with the exception of the oil-exporting countries. Spain is running a surplus both with the euro area and with the rest of the European Union.
To support this main goal, the Bank was assigned with the duty of maintaining financial stability, and within this context, the Central Bank continued to assess the main risks and vulnerabilities of the financial system and to develop alternative policies against these risks by monitoring the financial system as a whole. In the last couple of years, Turkey has shown a remarkable progress considering the soundness of the economy and the financial system. Today, we have a stronger banking sector, which forms the basis of macroeconomic stability, as well. Of course, considering the dynamic nature of the economies, the conditions do not always stay as what they are especially due to the increasingly interlinked global financial markets. In May-June 2006, international developments such as the deterioration in global liquidity conditions and the decrease in risk appetites of foreign investors towards developing countries, and the uncertainty occurring after it, adversely affected developing countries, including Turkey. However, tight monetary and fiscal policies of the current economic program, on-going structural reforms and flexible exchange rate regime have increased the resilience of the system to shocks. Additionally, the strengthened legal infrastructure and the improved risk culture in the banking sector have alleviated the adverse effects of May-June fluctuations. I believe nobody in this room would deny the fact that today almost all financial developments will have implications for all decision makers around the world-ranging from investors to policy makers. When a decision is made by the FED, ECB, Bank of Japan or China, it is a concern for most countries.