all the big advanced economies, japan, the united states and europe. so it is not surprising that we are all in very demanding times. as regards europe, it is absolutely crucial to make a distinction between the currency itself and the tensions that we have observed in some countries. the euro has kept its value remarkably over 13 years, has preserved price stability, is backed by strong fundamentals and is considered by markets to be solid and stable for the next ten years, when we look at inflation expectations. on a consolidated basis, public finances in the euro area are sounder than in the united states or in japan, with a public finance deficit of 4. 5 % of gdp, whereas it is around 10 % in the other two countries. that being said, we have a number of countries that undoubtedly have to correct their policies. and that calls for a strong enforcement of their national policies in the domain of public finances and structural reforms. we must have a “ quantum leap ” in the governance of the 17 members of the euro area. mr president, did the role of the ecb change during the crisis, and if so, how? the ecb is an anchor of stability and confidence in europe. its track record in terms of price stability is remarkable and better than what any of the euro area countries experienced over the last 50 years. the crisis did not change anything in this respect. on the contrary, in times of difficulty, turbulence and crisis, the role of the ecb as an anchor is even more important. is there still a vision for a united europe? i profoundly believe that the people of europe feel that, in the present world, a united europe is more important than ever. the rise of the big emerging economies, the structural changes at the global level, and the rapid advances of science and technology call for europeans to unite, with a profoundly improved governance structure. bis central bankers ’ speeches how many hours do you work every day, how many days a week? do you still have room for private interests and family? i would say 10 to 11 hours a day and probably, as an average, 6 to 6½ days a week, depending on the european and international working weekends. it is demanding, particularly in times of turbulence. i thank profoundly my wife and family for their understanding. bis central bankers ’ speeches

15 percentage points in the euro area during the period 1990 to 1995 and it increased to approximately 0. 3 percentage points in between 1996 and 2002. as an interesting comparison, the contribution from the ict - producing services was 0. 22 percentage points in the us during the period 1996 and 2002. this is consistent with a positive technological shock also occurring in the euro area ict - producing sector, which led to higher labour productivity and higher employment jorgenson and griliches ( 1967 ) suggested that growth in capital input is best measured by capital service flows. this method applies weights given by the shares of each asset type in the value of property compensation. jorgenson, d. w. and z. griliches ( 1967 ) : “ the explanation of productivity change ”, review of economic studies, vol. 34, pp. 249 - 283. see, for example, a. musso and t. westermann ( 2005 ), “ assessing potential output growth in the euro area ”, ecb occasional paper series, no 22, january 2005. see ecb monthly bulletin box " developments in euro area labour quality and their implications for labour productivity growth ” in the october 2005 issue. see for example, jorgenson, d. w. and k. j. stiroh ( 2000 ) : ” raising the speed limit : us economic growth in the information age ”, brookings papers on economic activity, vol. 1, pp. 125 - 211. examples of ict - producing sectors include ‘ office machinery ’ and ‘ telecommunication equipment ’ in manufacturing and ‘ communications ’ and ‘ computer and related activities ’ in services. examples of ict - using sectors include ‘ mechanical engineering ’ and ‘ clothing ’ in manufacturing and ‘ retail trade ’ and ‘ financial intermediation ’ in services. examples of nonict sectors include ‘ food, drink and tobacco ’ and ‘ chemicals ’ in manufacturing and ‘ hotels and catering ’ and ‘ education ’ in services. growth. however, this sector represents a smaller share of the economy in the euro area than in the us, which implies that positive developments had a more limited impact on aggregate productivity in the euro area. the output share of the ict producing sector was 5. 3 % in the euro area during the period 1996 to 2002, while it was 7. 0 % in the us during that same period. third, the ict - using sectors in the euro area failed to experience the strong acceleration in labour productivity observed in the us in recent years. in particular, key ict