While countries outside a monetary 3/6  BIS central bankers' speeches  union can devalue or revalue their currency to rebalance their economy, those inside a monetary union need to make adjustments through other channels. However, many countries first have to open up those channels. They have to make their economies sustainable and more competitive with the aid of structural reforms.
Take labour markets, for example. In many countries, labour markets are rigid Flexible labour markets could help to mitigate shocks. They ensure that crises do not lead to persistently high unemployment. At the same time, flexible labour markets help the economy to grow. They facilitate the change that is needed to reap the benefits of a united Europe and a globalised world.