as a leading international financial centre. 43. singapore is also prepared to break old moulds and be flexible and practical in a changing world. for instance, we overturned our longstanding policy of disallowing casino gambling. to remake itself into a city with buzz, singapore is developing integrated resorts, with casinos, convention facilities and world - class entertainment. japan - singapore partnership for the future 44. i see great potential in closer collaboration between singapore and japan. the landmark japansingapore economic agreement for a new age partnership ( jsepa ) provides an excellent framework. japanese companies can use singapore as a hub with radiating spokes to tap global opportunities. from singapore, companies can service a combined population of 3 billion. that is why 7, 000 mncs choose to hub in singapore. of these, 4, 000 manage global and regional responsibilities. recognising this strategic value - add, many japanese companies have further expanded their operations in singapore. 45. japanese companies can also take advantage of singapore as a hub for knowledge and market intelligence. over the years, we have developed a network of institutions that have a deep reservoir of knowledge on china, india and southeast asia. our businessmen are also familiar with these countries. we are now building up links with the middle east. 46. japanese companies based in singapore can enjoy not only benefits from the jsepa, but also 10 other ftas that singapore has concluded with major economies like the us, south korea and australia. i would like to highlight the comprehensive economic cooperation agreement ( ceca ) between singapore and india as it is the first comprehensive fta that india has signed with any country. conclusion 47. the rise of china and india will shift the global economic centre of gravity from west to east. remaking our economies cannot be an occasional exercise. governments must respond boldly and continuously to the imperatives of our changing times. likewise for companies. this is the only way to ride the rising asian tide. 48. thank you. i will be happy to take your questions.

mario draghi : competitiveness of the euro area and within the euro area speech by mr mario draghi, president of the european central bank, at the colloquium “ les defis de la competitivite ”, organised by le monde and l ’ association francaise des entreprises privees ( afep ), paris, 13 march 2012. * * * ladies and gentlemen, i am delighted to have the opportunity to participate in this debate. competitiveness is a key issue of economic policy in each and every country of the euro area. it is a key issue for the euro area as a whole. and it is of fundamental importance to the lives and long - term prosperity of all of our citizens. we at the european central bank ( ecb ) have a steadfast commitment to price stability. this in turn provides support for economic growth and job creation across europe. but for any individual member of the euro area to prosper in a globalised world, our contribution needs to be complemented by the work of national policy - makers. future prosperity requires us all to establish and maintain a competitive position, both inside and outside the euro area. these external and internal dimensions of competitiveness will be the main focus of my remarks. but first let me say a few words about how we see the current economic situation. the state of the euro area economy overall, we see continued signs of stabilisation in the euro area economy, albeit still at a low level. the situation in financial markets has clearly improved in response to the ecb ’ s measures. the improvement is also due to the progress made by euro area governments towards accepting more binding common fiscal rules and by the progress on fiscal consolidation and economic reform in many countries. countries should use this phase of financial stabilisation to make further progress on their programmes of economic reform – to strengthen their potential growth, to boost employment and to enhance competitiveness. banks too should use this currently more benign environment to strengthen their resilience further, including by retaining earnings, cutting dividends and bonuses. the soundness of banks ’ balance sheets will be a key factor in facilitating an appropriate provision of credit to the economy, which is their main task. the financial system should serve the real economy, not the other way around. as far as monetary policy is concerned, growth will be supported by the very low short - term interest rates and by all the measures adopted by the ecb to foster the proper functioning of the euro