Close coordination of economic and fiscal policies is essential, but not necessarily a Europeanisation of those policies. Potential problems posed by national and regional disequilibria within the euro area will have to be solved by greater flexibility at the national level.
Unemployment is 3.7 percent, the lowest in nearly half a century. Over 17 million jobs have been created during this expansion, with an additional 250,000 created in October. Beyond the labor market, there are other signs of economic strength.