Namely, strongly recommending to preserve the integrity of the corrective arm of the Pact, with the nominal anchor of 3% and the excessive deficit procedure, and to improve and make more effective the preventive arm of the Pact.
Structural policies Turning now to structural policies, in my opinion, they contain the most powerful policy tools for addressing and preventing problems that may arise in a currency area, as well as in individual countries and regions. Why? Because they can influence the speed with which market forces can operate and provide lasting adjustment after an economic shock.