This Leadership Energy Summit will hear from the experience of successful individuals on the source of their energy in generating outcomes and results that have made a difference. We will also learn about other sources of energy from which we can tap on and strengthen. This is the challenge of the new generation of leaders if they will truly be able to make lasting and meaningful changes in their environment. On this note, let me wish you a highly energised Summit. BIS central bankers’ speeches  3
Today, growth is low in many countries that are also overwhelmed by high unemployment, especially among the youth. The general situation of lack of internal demand when some external markets start also to decelerate, explains that investment is still almost 20 per cent below what it was in 2007 which affects our potential growth. A declining demography and insufficient progress in total factor productivity, further limit Europe´s growth capabilities and make it more difficult the absorption of the existing high unemployment. Such dynamics thwart the deleveraging process of sovereigns and households, and complicate the return of bank balance sheets to financial health. 4 In my view, the legacy of the crisis constitutes still a vulnerability for the transition process to a more effective and robust EMU. It stokes scepticism, which itself impedes the solutions to  1  Constâncio (2013), “Fragmentation and rebalancing in the euro area”, Joint EC-ECB Conference on Financial Integration, Brussels, 25 April 2013. 2  See Schoenmaker and Wagner (2011), “The impact of cross-border banking on financial stability”, Duisenberg School of Finance – Tinbergen Institute Discussion Paper, TI 11–054/DSF 18. 3  See Shambaugh, Reis and Rey, “The euro’s three crises”, Brookings Papers on Economic Activity, Spring 2012, pp. 157–231. 4  See Constâncio, “Growing out of the crisis: Is fixing finance enough?”, speech delivered at the Annual Hyman P. Minsky Conference on the State of the US and World Economies, Washington D.C., 10 April 2014. 2  BIS central bankers’ speeches  the crisis.