BRATISLAVA, Nov. 4 (Xinhua) -- Human capital will be a key factor in determining Europe's future prosperity, as population ageing and the rapid development of artificial intelligence reshape labor market demands, central banks of the Visegrad Four (V4) countries said in a joint statement on Wednesday.
The statement was issued on the sidelines of the presidential summit of the Visegrad Group of the Czech Republic, Hungary, Poland and Slovakia in Trencin in western Slovakia.
The central banks of V4 stressed the need to make more effective use of existing labor resources, noting that future economic growth would increasingly depend on improving workforce productivity and creating greater value rather than simply expanding the number of workers.
They also pointed out that human capital has a direct bearing on an economy's potential growth and, in turn, on the environment in which monetary policy is conducted.
According to the statement, Europe is facing three major challenges: developing talent, preventing the erosion of existing skills, and facilitating knowledge exchange while ensuring that the regions where such expertise originates do not lose their skilled workforce.
The four central banks said they would strengthen cooperation within their respective mandates by sharing research on skills development and promoting staff exchanges among institutions.
Such efforts aim to ensure that knowledge and experience acquired through cross-border cooperation can be brought back to the countries where they were generated, the statement said.
The central banks also emphasized that future economic success would not necessarily belong to countries with the largest pool of talented workers, but rather to those best able to develop, retain and make effective use of their human capital.
