While the crisis did substantial damage, it has not fundamentally affected Asia’s prodigious economic strengths. But if Asia is to realize its potential, it is critical that authorities attend to the unfinished business that remains while continuing to put in place longer-term measures to promote financial resilience and sustainable growth. Asia is at an important crossroads and there is now a unique  BIS Review 57/2000  6  opportunity to consolidate recent reforms and implement lasting change that will pay dividends for years to come. Korea’s history, both longer-term and more recent, gives me every confidence that your country, assisted ably by the Bank of Korea, will rise to these challenges with skill and vigor, ensuring that the next 50 years will be even more successful than the last. Thank you for your kind invitation and attention. Supported by the miracles of modern technology, I would be happy to take any questions you may have. 7  BIS Review 57/2000
I would like to broaden my personal wishes to three collective wishes: for our country and its economy first; for its smooth financing second; and for financial stability and the soundness of your institutions lastly. 1) Today a confirmed recovery is underway, with growth of over 1% in France in 2015, and 1.5% in the euro area. In 2016, despite the uncertainties, all indicators point to higher growth. France must now transform this modest but real recovery into strong, lasting, job-creating growth. To do this, two conditions must be met in 2016: public reforms must be pursued, and corporate investment must be stepped up. As regards the reforms, France is currently being penalised by excessive debt levels in its public sector (differential of 25% of GDP vis-à-vis Germany, whereas both countries displayed the same level in 2010) and the deterioration in its trade balance and competitiveness. The fight for growth and against unemployment can only be won over time, with the great virtue of steadfastness. We must therefore keep up all efforts with regard to containing government expenditure and hold firm on that which is starting to work: the Responsibility and Solidarity Pact and the Tax Credit for encouraging Competitiveness and Jobs (CICE) should enable us to catch up, between 2014 and 2017, one-third of our competitiveness lag with Germany which built up over the first years of the euro (1999– 2007). Transforming the CICE into a permanent reduction in social contributions for corporations would be a very welcome development.