reise was an essential bridge between the culture of germany and that of the land wo die zitronen bluhen. the programme for these days revisits our cultural heritage, our artistic and historical legacy, but it also reflects the culture and cultural activities of present - day italy. classical music is the centrepiece of the opening and closing concerts as well as the charity event, but there will also be presentations of contemporary italian music. the italian film days are entirely given over to contemporary directors and will offer the opportunity to reflect on the ways in which the traditional italian family model has changed. in literature, the themes range from the deeper meaning of cultural identity to the role of women in the risorgimento. this evening the orchestra mozart will perform the opening concert under the baton of claudio abbado. the maestro ’ s career, his essential embodiment of the universal language of music, certainly needs no presentation. i cannot even begin to sum up the course of his art. let me merely recall that he has conducted some of the world ’ s greatest orchestras : the berliner philarmoniker, the wiener philarmoniker, la scala. constantly engaged with social problems and active in promoting the artistic growth and careers of young musicians, claudio abbado has founded a series of orchestras for young instrumentalists of artistic excellence, including notably the chamber orchestra of europe and the orchestra mozart, which came bis central bankers ’ speeches into being in bologna. both draw their players from a vast range of different countries, talented young musicians playing alongside established soloists. the orchestra mozart owes its name to the role that the city of bologna played in mozart ’ s development. it was with the philharmonic academy of bologna – one of the centres of european cultural life – that mozart, at the age of fourteen, took his diploma as “ maestro compositore ” on the 9th of october 1770. music as solidarity, music as social life, music as at once expression of and factor in personal and cultural growth. these are the values that claudio abbado and all these young musicians have brought with them to the orchestra mozart, from the very start. now, it is my pleasure to leave you to the sublime art of gioacchino rossini. claudio abbado conducts the orchestra mozart in the overture to the barber of seville. bis central bankers ’ speeches

labour force participation. incentives to stop working early, such as the option to retire on a full pension at 63, are no longer in keeping with the times and should be phased out. at the same time, employers have to create suitable conditions and lay the right groundwork to enable people to actually work for longer. this includes measures for promoting health management or providing an appropriate workplace, for instance. we also have to commit to a culture of lifelong learning so that people can adapt more quickly and more successfully to an ever changing environment. this would make it easier for employees who lose their job at 50 plus to find new employment. in times where specialised labour is in short supply, older employees should be held in higher esteem anyway – and i ’ m not just saying that because i am one of them. the participation of women in the labour force can be increased by further improving conditions for balancing work and family commitments. expanding the provision of all - day schools across the country would enable more women to work full time. but that ’ s not the only reason why investment in education is essential. when, in future, fewer young people join the workforce, it will be all the more important for them to be trained as well as possible. for this, we need an education system that meets high standards and gives young people the opportunity to realise their full potential. by choosing to attend an internationally renowned business school, you, of course, have already heeded benjamin franklin ’ s advice : " an investment in knowledge always pays the best interest. " but this does not just apply to investment in academic training. studies have shown that educational achievement in germany is still closely correlated with social background, and this also has a negative impact on subsequent employment prospects. because educational achievement in later life is often decided to a significant degree at the pre - school stage, society as a whole would reap the benefits of investing in education for infants and pre - school students. education also plays a key role in the integration of immigrants. but immigration is certainly not the answer to our demographic problems. yet, it helps to curb the decline in the potential labour force. that is why a systematic approach to attract labour from abroad with the qualifications that are needed here would go a long way towards cushioning the impact of an ageing society on the labour market. to sum up, it is essential that the german economy ’ s current excellent condition does not blind us to the major challenges that lie ahead. the demographic factor will increasingly take a toll