The full benefits of the single currency will arise only if there is appropriate support from other stability-oriented policies, especially fiscal and labour market policies, and if structural reforms are carried out in these areas. Thus, price stability is a necessary, but not a sufficient condition for grasping all the opportunities of EMU.
As regards fiscal policy, it is of the utmost importance that the governments of the EU Member States pursue in implementing fiscal policies that aim at a budgetary position close to balance or in surplus. This condition is stipulated by the Stability and Growth Pact, to ensure lasting compliance of fiscal policies with the requirement of budgetary prudence.