forward, there is a reasonable prospect that global demand will pick up gradually, and we may see a more sustainable pattern of exchange rates beginning to emerge with the albeit hesitant strengthening of the euro. there are in fact already signs that manufacturing output has started to recover. but there are downside risks to that prospect associated with the renewed volatility of international financial markets over the summer, which we are monitoring very closely. but abstracting from these recent global and largely cyclical, effects, the more fundamentally important point, looking further ahead, is the likelihood that we - alongside other countries - will continue to operate within a framework of overall macro - economic stability - as a necessary condition for the effective functioning of the market economy. those presumptions may well mean that manufacturing continues its gradual, long - term, relative decline - as a share of total output, and in terms of the number of people employed - in all developed industrial countries, including the uk. but it does not mean that manufacturing output as a whole will contract in an absolute sense ; on the contrary, past experience suggests that it will continue to increase, though the composition of output and techniques of production will continue to evolve. in that sense i very much share the view, of course, of the 49 % of those surveyed by the ica / iod who disagree that manufacturing industry is in irreversible decline. it is entirely consistent with that view, of course, that other sectors, particularly the services sectors, will grow more rapidly and continue to increase their share of total output. the precise form of the macro - economic stability framework may well continue to evolve, and it would in particular be affected in some degree by the decision on whether or not we join the euro. were we to do so, the nominal exchange rate certainty with our european partners, representing roughly half our international trade, would - depending partly on an appropriate entry rate, whatever that might be be of considerable longer - term benefit to many of the internationally - exposed businesses, in whatever sectors, that have suffered from the volatility, and particularly the weakness, of the euro in the past few years. and the greater transparency of prices and costs vis a vis other eurozone members would enhance competition and the effective functioning of the single european market. there would also be benefits from the integration of our financial markets with those of the eurozone. the potential downside risk - and one can debate just how big a risk it is - is that the macro -

rather it is a free informal alternative to going to court. over the next several months the ombudsman ’ s office will intensify its education and outreach programs through direct contact with the public and through its new website. i would like to invite the financial sector to join us in educating the public on financial matters. let me once again thank you for joining us at this ground breaking event. i have full confidence that all parties present here today will ensure the success of the operations of the office of the financial servicesombudsman which will redound to the benefit of our society as a whole.