pledges should be reflected in the 2008 budget plans so as to avoid repeating governments ’ past failure to adjust fiscal balances in economic “ good times ”. the governing council also welcomes the emphasis placed by the ecofin council on measures to improve the quality and efficiency of public finances. economic differentials in the euro area and structural policies turning to structural policies, the draft resolution adopted by the econ committee refers several times to economic divergences in the euro area. i should like to stress first that, overall, inflation differences among euro area countries have fallen and are currently relatively limited by historical standards. the magnitude of current inflation and output differentials is similar to that observed across regions or states within the united states. these differentials can be considered normal to the extent that they reflect catching - up phenomena or country - specific shocks. however, inflation differentials tend to be rather persistent in the euro area, and they reflect in part persistent differences in unit labour cost developments. in addition, the variation of output growth across some euro area countries can largely be attributed to differences in potential output growth rather than in business cycles. in a number of cases, this may reflect existing rigidities in product and labour markets and a lack of competition, leading to sluggish adjustment processes and a restrained growth potential. it is very important to monitor the accumulated competitiveness losses in some of the euro area countries. a more comprehensive analysis of the sources and implications of these differentials, as requested in your draft resolution, has already been provided in our monthly bulletin of april this year. a single currency means a single monetary policy and a single exchange rate vis - a - vis other currencies. it is therefore all the more important to ensure that all the national mechanisms of adjustment to shocks function perfectly. the efficient and smooth functioning of economic adjustments within the euro area requires the removal of institutional barriers to flexible wage and price - setting mechanisms as well as the completion of the single market and thus greater cross - border competition. indeed, well - designed structural reforms implemented by national governments are crucial to improve the functioning of product, labour and financial markets and to reinforce competitiveness. increased market competition and a reduction of cross - border barriers are beneficial for consumers since they lead to lower prices, higher real wages and a greater choice of products. they are also beneficial for firms since they lead to higher efficiency, greater dynamism and an enhanced capacity to cope with economic shocks and to face the challenges and opportunities posed by globalisation.

oversight and supervision in the area of cyber resilience. it is a real achievement and it is setting the standard for other committees. it will be important that going forward, other authorities, committees and market sectors approach cyber standards and guidance in a harmonised manner, to ensure that there is no duplication and inconsistency, and to ensure that there is cross - fertilisation and evolved collective learning. within this context, events like the one today is vital, and we must ensure that all the relevant stakeholders remain involved and work together, as cyber threat recognises no border and stakeholder. it is a risk to us all, and only through such events will we increase the common understanding and approach, and begin to address the risks. in this regard i would like to emphasise to the fmi community that it is important that you support the cpmi - iosco work and respond to the public consultation with your comments, observations and ideas regarding the guidance within the february deadline. we want your views, as from the outset, i have stated that this is a collective journey, one of partnership. thank you for your time, and let us work together in 2016 to enhance cyber resilience at eu level and beyond. see : cpmi - iosco consultative paper “ guidance on cyber resilience for financial market infrastructures ”, november 2015, https : / / www. bis. org / press / p151124. htm. see also cpmi, “ cyber resilience in financial market infrastructures ”, november 2014 ; and iosco, “ cyber - crime, securities markets and systemic risk ”, staff working paper, july 2013. bis central bankers ’ speeches