Finally, I would also like to take this opportunity to reiterate the need for progress on structural reform. Fiscal consolidation plans should be part of a structural reform agenda that favours growth, competitiveness and employment.
As regards labour and product markets, the mid-term review of the Lisbon agenda - now being prepared for the European Council meeting in March 2005 - is a major opportunity to increase momentum in these fields. Structural reforms are crucial to a better performing EU economy, i.e. an economy with higher potential growth, more employment opportunities and greater resilience to shocks.