In this agenda there is no place for retreating into nationalism and protectionism. We know better than this and should stay focused on the key reform priorities: completing the banking union, implementing growth-friendly fiscal consolidation, and structural reforms in labour and product markets.
I have little doubt that all these reforms are beneficial and trust-enhancing, even though some of them may be opposed by vested interests or entail adjustment costs in the short term. Our common responsibility for the euro area strengthens the case for reform.