well. the swedish institute for growth policy studies ( itps ) demonstrates in a study that swedish - owned industrial companies which increased the number of their employees in low - wage countries during the 1990s at the same time increased their demand for labour with higher education in sweden. this is in line with the development that has taken place in the united states and the united kingdom. according to the swedish labour market administration ’ s figures on redundancy notification and itps ’ s media monitoring, few jobs moved abroad as a result of companies transferring their operations abroad during 2005. 4 in total, the number of jobs was 2 000 - 4 000, of which 1 500 involved a move to another eu country. the major challenge for the future probably does not lie in the number of jobs moving abroad, but in managing the transition required to make it possible to create new jobs as new employment is created mainly in other countries / regions / sectors. this demands a good corporate climate and a good capacity to attract knowledge and capital. it requires flexibility in the labour market so that employees can retrain as smoothly as possible, and move to new sectors and new regions. if this is not successful, then structural unemployment could become entrenched at high levels. the labour markets in europe – including sweden – have shown clearer tendencies towards this than in the united states. during the period 1960 - 1999 employment increased substantially in the public sector. since then it has stagnated and it is not likely that it will be the same engine for employment growth in future as it was previously. at the same time, employment in industry is continuing to decline. instead, employment has increased most in the private service sector ( see figure 10 ). the capacity of the labour market to adapt to these changes in demand is of course important. in future, a large part of employment growth will probably be in the private service sector. it will be very important that the labour market functions in a way that enables a smooth transfer to growth sectors. this concerns retraining, localisation of new production and also wage formation. something that one can feel apprehensive about is how the swedish economy will manage an international recession. we are strongly dependent on exports. investment is also increasingly made abroad. i therefore believe that it is important to make it attractive to invest in sweden so that the domestic economy is strengthened. the current account surplus also shows that there would be scope to increase domestic demand, which could increase employment in sweden and alleviate the effect of an

mario draghi : laudatio for theo waigel speech by mr mario draghi, president of the european central bank, in honour of dr theodor waigel, at signsawards, munich, 17 june 2016. * * * james freeman clarke, a 19th century theologian, once observed that “ a politician is a man who thinks of the next election, while a statesman thinks of the next generation ”. this captures well why we are here to honour theo waigel today. theo waigel ’ s political career cannot just be defined by the elections he won, however many there were during his 30 years in the bundestag. nor can it be defined by his time as head of the csu and as finance minister of germany. it is defined by his legacy : a legacy that is still shaping europe today. he became finance minister in 1989 at a turning - point in post - war european history – when the iron curtain that divided europe was being lifted ; when the walls and barbed wire that divided germany were being removed. it was a time of great hopes and expectations. but it was also a time of some anxiety. it was clear that the successful reunification of germany would be a tremendous undertaking. and many wondered what those changes would mean for the european community – whether it would upset the balance of power that had prevailed between nations since the war. in that uncertain setting, theo waigel ’ s leadership was pivotal – both as a german and as a european. he was one of the strongest advocates of german reunification, and was instrumental in getting germany ’ s federal and state governments to finance the reconstruction and modernisation of east germany. and under his influence, the german government took a fundamental decision for europe : that the reunification which made germany stronger should not make europe weaker. free of the threat of the soviet union, germany chose not to go down a path of its own making. instead, it renewed its commitment to europe. and it demonstrated the strength of that commitment by sharing its currency with its neighbours. as theo waigel said, germany brought the deutsche mark to europe, and in doing so brought the euro into being. this historic sequence of events spoke to three character traits which define theo waigel : his vision, his resolve and his statesmanship. he was a person who took the long view and followed his convictions rather than the zeitgeist. he was not discouraged by the obstacles that stood in his way, however high they were. and he had that crucial quality of