of a myriad of small states etc. the present model, based on fitting together certain areas of policy making, retaining others and giving a proportionally larger say in decision - making to smaller countries is two generations old. did it serve us well or do we have to roll it back? the chief economist of the london based centre for european reform, katinka barysch, questions whether in the current political climate, eu member states would be ready to reaffirm their support for the “ four freedoms of capital, goods, services and people, which president klaus strongly endorses. president klaus, you said your vision is not about closing ourselves in. is protectionism not the most imminent danger? barysch argues that " the nature of the single market and competition has changed since enlargement ", pointing out that the much wider gulf between highwage and low - wage countries has fuelled fears among workers in old europe. president klaus, few have been able to stimulate our thinking about our socio - economic and political environment in a way you do. you abhor intellectual cosiness. we are eager to listen to you. we have a fascinating evening before us, especially since president klaus has kindly agreed to reply to questions at the end of his speech. mr. klaus, you have the floor.

further tripled. these dynamic changes have made financial literacy among women even more vital. indeed, against these favourable trends, there has been a growing participation of women in the growth and development process in asia. in particular, there has been a strong migration from the informal to the formal sector, following the modernisation and industrialisation process. the increase in the relative significance of the financial sector in most asian economies can be seen in terms of the momentum in the financialisation of savings and the increase in the volume of financial transactions being conducted through the formal financial sector. these trends are being reinforced by the shift of activities that is taking place from the traditional sectors to the industrial and services sectors. on average, the industrial and services sector now accounts for 74 % of the economy in asia, compared to 60 % in 1980. in contrast, agriculture now accounts for 12 %, compared to 26 % in 1980. involved in this transformation, women have demonstrated a high degree of mobility, participating in all segments of economic activity. most discernable is the increasing participation of women in the services sector. here in hong kong, the percentage of women in the services sector relative to the total population increased from 43 % in 1980 to 87 % in 1999. similarly in indonesia, the rise was from 32 % to 42 %, and in malaysia, it was from 33 % to 57 % and in thailand, from 18 % to 34 %. in asia, the demographic structure also reinforces the economic potential of asia. the population in asia continues to grow at a relatively high and stable rate to account for more than half the world ’ s population. of significance is the relatively young demographic structure in asia. more than 50 % of women fall in the age group 15 to 49 years, similar to that for men. this demographic structure thus not only contributes to enhance the potential of the economy but combined with rising incomes and improved standards of living, has resulted in increases in consumption spending. this resultant increase in purchasing power has strengthened domestic demand, making it an important driver of growth in the asian economies. indeed, these trends have strengthened the sustainability of consumption - based growth. as part of this process, women have become an important consumer target group with enhanced purchasing power. in fact, in several of the asian economies, women are emerging as a key target market. this greater capacity for earning, spending, saving and investing requires ability for financial management, and hence the urgency for greater financial literacy. while financial literacy is important, regardless of