pre - requisites and the mindset to take the driver ’ s seat in this area, we now need to start the engine of the new, and all hop in to new heights in the international service provision. in conclusion, curacao has traditionally been an attractive international financial services center, as we have always offered the advantages of compliance and optimal service. therefore, i am confident to state that curacao can look forward to a promising 2019 and beyond. the central bank, as the supervisor of the financial services industry, is open for business as we tailor our regulatory framework to become a 21st century regulator, while meeting international standards to protect the interests of the international clients of our financial services industry. together we should strive to continuously explore new opportunities and develop appealing products, and henceforth, we need to keep re - inventing our entrepreneurial creativity. a final note. i was pleasantly surprised when i saw the check mark ( √ ) and not the question mark (? ) in the title : “ curacao financial center : ready for 2019 and beyond.. ”. because i do share the sentiment that we are ready for the future and that together, we will be better beyond 2019. i thank you for your attention.

to ensure the objectives are achieved. italy ’ s financial structure has many strong points. household wealth, net of debt, is nearly 2 times gdp, considering just the financial component, and about 5. 5 times gdp, including real estate. these levels are among the highest in the euro area, while the household debt ratio is among the lowest and that of firms is below the average. the net external debt position of the entire economy can be estimated at 15 per cent of gdp, one of the lowest values in the euro area, except for germany, which has a large credit position. the ratio of public debt to gdp declined by 18 percentage points between 1994 and 2007. in the last two years of recession it increased by 12 points, to stand at 115. 8 per cent. in the new market conditions action had to be taken even though the budgetary tightening adversely affects the prospects for economic recovery in the short term. competitiveness and growth in the monetary union stagnation, unemployment and, in the long run, budgetary strains are the inevitable consequence of the loss of competitiveness. the consolidation of the public finances needs to be accompanied by the revival of growth. in the ten years preceding the crisis hourly productivity rose by 3 per cent in italy, by 14 per cent in the euro area. in the same years the economy grew by 15 per cent in italy, as against 25 per cent in the euro area. italy ’ s employment rate remains low, 57 per cent in 2009, 7 percentage points less than in the euro area as a whole. the gap is wider for the young and reaches 12 points for women. on many other occasions we have addressed the question of structural reforms. the crisis makes them all the more urgent : the fall in gdp increases the burden of financing the public administration ; the costs imposed by tax evasion and corruption become even more unsustainable ; stagnation destroys human capital, especially among the young. the management of turnover in the public sector and the cuts in the discretionary expenditure of government departments recently decided by the council of ministers must provide the opportunity to rethink the scope and structure of government, rationalize resource allocation and reduce waste and duplication between different entities and levels of government. a reform plan covering the entire public sector is needed, to accompany the measures already adopted to raise the productivity of the public administration by evaluating the performance of managers and the results of individual units. fiscal federalism must enhance efficiency in the use of resources. only