to various possible locations in various countries according to the relative competitiveness of these locations. it is therefore necessary to monitor competitiveness even more closely than before through indicators such as unit production costs and the tax and regulatory framework. the close multilateral surveillance and the frank discussions provided in the context, inter alia, of the eurogroup, will help monitor competitiveness trends with a view to ensure early warnings and appropriate reactions. * * * let me address, in conclusion, two questions : the issue of sustainable growth and the present diagnosis of the eurosystem as regards the balance of risks. – growth : central bankers are sometimes portrayed as being excessively cautious and reserved with respect to economic growth. on the contrary, we are very much in favour of growth. first and foremost, because the objective of monetary policy - price stability - is paving the way for medium and for long - term, sustainable robust growth. this is the strong belief of the europeans. i see three main channels through which price stability is fostering growth. first, preserving and reinforcing the competitiveness of the productive sector through low inflation and therefore low unit production costs. second, reinforcing the trust of savers in that monetary and financial instruments will preserve their value in the medium and long run therefore permitting low medium and long term market interest rates. and, last but not least, fostering growth of domestic demand by preserving the purchasing power of households through low inflation. – this last contribution to growth is particularly important presently in the eurozone. in reinforcing confidence of the european people in the ability of the eurosystem to deliver price stability and low inflation we are improving the overall confidence of the consumers and therefore the level of consumer demand. not only are we aiming at sustainable non - inflationary steady growth through our action but also via all our recommendations : we are calling for implementing resolutely anti - malthusian policies in all fields of the economy, that is we support innovation, liberalisation and growth incentives. we are anti - malthusian as regards scientific and technical progress. we feel the new technologies should be approached with an open mind so as to broaden our scope of economic activity and derive the best possible productivity gains from these advances, together with the corresponding positive impact on production costs and prices. we are anti - malthusian as regards labour. it is essential to ease the bottlenecks in all sectors reporting a significant shortage of skilled labour in order to continue to contain production cost

##graphy ; a high level of energy independence, which is an inestimable advantage in these times of economic and geopolitical uncertainty with regard to supplies ; active and dynamic companies, which have been able to take ample advantage of the opportunities afforded by globalisation ; and lastly a highly - skilled workforce which, to some extent, accounts for france ’ s high hourly productivity levels. these advantages must therefore enable france to achieve strong growth that creates jobs in a stable monetary environment. this opportunity must be seized.