The banker must therefore have deep regional knowledge and strong networks to deliver solutions for this client. Gaining exposure to Asian markets will therefore put him in a better position to assume greater responsibilities over time. Our ecosystem to develop human capital MAS wants to see more of our finance professionals in Singapore build up these three dimensions of expertise. And there is a strong ecosystem in Singapore to nurture this process. First, MAS and the Institute of Banking and Finance have established a set of industry standards for Asian financial practitioners, through the Financial Industry Competency Standards (FICS). •  This offers finance professionals a clear roadmap for building competencies as they progress in their career, across different job roles and levels. •  Through this framework, we aim to build a strong pipeline of Singaporean talent and leaders in finance, so that our people can avail themselves of the opportunities that a growing financial industry will create. Second, our industry associations are playing an important role in supporting talent development within specific sectors. •  The Life Insurance Association of Singapore, for instance, is working with the Singapore College of Insurance, to develop a talent framework that provides structured training and development opportunities for insurance professionals. •  The General Insurance Association of Singapore is running a global internship programme which seeks to provide undergraduates with hands-on experience at insurance firms overseas. Third, we have in Singapore, fortunately, a strong academic and intellectual climate or platform to deepen specialisation in finance.

Inflation expectations themselves have been remarkably stable, including during the recent period when oil prices jumped to levels no one could have expected only a year ago. This, by itself, illustrates the credibility achieved by the Eurosystem, after only six years of existence. Second, European households and companies are reaping the benefits of that credibility. Long term interest rates stand at an historically low level, around 100 basis points below the level in the United States. So, even after the recent increases in short term rates, monetary and financial conditions remain extremely favourable for investment and growth. And indeed, we might be witnessing in Europe the start of period of sustained and stable growth, at least if current projections and surveys prove to be right in the coming months. A third benefit of the Euro is the boost it gives to financial integration in Europe. In many segments, European financial markets have reached the depth and liquidity which, up to now, were the preserve of dollar markets. This stimulates productive investment, helps in restructuring (as witnessed by the current wave of M&As) and, more generally, allows a better allocation of savings and sharing of risks. As a consequence, the euro is becoming extremely attractive, as a vehicle, a transaction, an investment and a reserve currency. As you may know, as central bankers, we remain neutral as far as the internationalisation of the euro is concerned. We are neither encouraging, nor discouraging the process.