Today, the Single Supervisory Mechanism is the largest banking supervisor globally and successfully contributes to shaping the international supervisory framework. Since the global financial and euro area debt crises, however, the euro’s international role seems to have gradually eroded. While its importance as the currency of invoice for international trade transactions has remained broadly stable, its role in global foreign reserves and global debt markets has declined. This decline is a symptom of the fault lines in EMU exposed by the crises. Concerns about the resilience of the EMU architecture and about financial fragmentation underpinned this erosion. Indeed, stability, financial depth and liquidity are among the key determinants of an international currency. European policymakers are now paying closer attention and various calls have been made in recent months for the euro to assume a stronger international role. The Euro Summit of 2/4  BIS central bankers' speeches  December 2018 encouraged work to be taken forward to this end. The international role of the euro is supported by the pursuit of sound economic policies in the euro area and a deeper and more complete EMU. And this requires further efforts along the path of deeper integration. Completing the Economic and Monetary Union The past 20 years have revealed beyond doubt how challenging ensuring economic prosperity and stability can be. This was true both inside and outside the euro area. Nonetheless, these years also demonstrated that such a shared challenge is best faced collectively.

In some cases, apprenticeships in the informal economy can offer many young people an opportunity to learn a trade and enter the world of work. Skills development is a necessary response to the challenge of youth unemployment. Effective programmes should involve packages of training-cum-labour-market-services. These should include: providing advisory services and career guidance, vocational counselling, job-search assistance and job placement, as well as access to different types of training, including combinations of learning and earning through apprenticeships or subsidized employment in return for on-the-job training. Successful entrepreneurship programmes should also involve providing basic business skills and linking would-be entrepreneurs to mentoring, finance and market opportunities. These integrated approaches are needed to assist young people in their transition from school to work and to tackle the multiple constraints they face on the labour market. The need for effective certification cannot be overemphasised. In conclusion, skills development can make a critical contribution to youth employment promotion and income generation through MSMEs. Coordinated policies linking education, skills formation, and employment are required. Well-designed active labour market policies linked with technical and vocational education, on-the-job training and apprenticeships – both formal and informal – are essential for skills development, employment and entrepreneurship and can help alleviate unemployment and underemployment. Connecting training providers and employers can be especially effective at sector and local levels. Further, involving the private sector is essential to employment creation. Furthermore, special attention should be paid to supporting MSMEs as the most dynamic sources of employment.