We also support ambitious structural reforms, which would further contribute to the smooth functioning of Monetary Union and support growth potential and job creation. In particular, improving labour market flexibility to better align wage and productivity developments and facilitating labour mobility would further strengthen the resilience of countries to shocks and ensure their competitiveness. We are now at your disposal for questions.
It is not a race, but as a matter of fact the euro area is at a relatively advanced stage in exploring a central bank digital currency (CBDC). But to realise this vision, the focus of our work now shifts to the concrete design and embedding the digital euro in a sound legal framework.