them in line with the requirements of the stability and growth pact. the commitment in the eurogroup to reach medium - term budgetary objectives in 2008 or 2009, and by 2010 at the latest, has to be respected by all euro area member countries. those countries that have already achieved sound fiscal positions need to abstain from pro - cyclical fiscal policies. turning to structural reform, the governing council welcomes further efforts to increase the productive capacity of the euro area through higher employment. euro area labour markets have shown clear signs of progress in the last few years, partly reflecting the impact of past labour market reforms. further progress is needed, however, to enhance occupational and geographical labour mobility and skill creation, so as to overcome the comparatively low rates of labour market participation and still high unemployment rates in some countries and regions. we are now at your disposal for questions.

a more proactive approach when positioning themselves with respects to their customers. it is not enough to be on the sidelines as, say, a purely auto financing or mortgage provider. banks need to position themselves at the center of the ecosystem, providing their customers with the best products, services and advice as and when customers require. according to the accenture study, 48 % of customers said they wanted relevant advice and product information from their banks as they go about their daily lives. they also want banks to play a supporting role in the purchasing process for products such as a house or new car, and even related services such as insurance. banks need to focus on providing long - term value for customers, rather than viewing them as a short - term opportunity for sales. we have already seen the harmful impact of this ‘ short - term ’ outlook that led to the subprime - mortgage crisis, as banks sold mortgages to customers who couldn ’ t afford them. banks ’ profits surged in the short term, but everyone suffered in the end ; not only customers and the broader economy but also the banks. banks therefore need to revisit their value propositions towards their customers in order to ensure that they are truly providing the products and services their customers need while keeping the interest of their customers and the society in central bank of kuwait - public عام - بنك الكويت المركزي - 11 - mind. it will be helpful for the industry to reflect upon its ultimate objectives – to ensure inclusive prosperity and put the welfare of society on a sustainable footing. iii. battle for efficiency to win over customers and provide value, banks must operate in an efficient and intelligent manner, with their limited resources optimally deployed. the battle for efficiency is the third of the battles that banks need to win. a critical front in this battle is the leveraging of technology and data. banks need to use available data to improve their predictive analysis, not just for operational efficiency and planning, but also for insights into customer behavior and preferences. what is particularly surprising to me is that banks, though custodians of vast quantities of customer and transactions data, are not utilizing it effectively. banks will need to change the way they segment customers, not by their income levels or types of accounts, but potentially by their life cycle, growth potential, and behavior patterns. data analysis can provide a bank with actionable insights into multiple factors that impact its business, allowing it to