Indeed, such reforms, which should aim to reduce rigidities in labour and goods markets, could significantly enhance the degree of resilience of economic activity to such shocks, both in the euro area as a whole and in its regions.
Renewed momentum in the process of structural reform will be important to foster confidence among consumers and investors in long-term growth and employment opportunities in the euro area. This, in turn, should also have a positive effect on spending and investment decisions in the short and medium term. We are now at your disposal for questions. 2  BIS Review 1/2003