Sovereign debt challenges and high levels of unemployment still present risks to growth in advanced economies, and many emerging-market economies have to grapple with risks of overheating economies and rising inflationary pressures.
This architecture rests on three pillars: a stabilityoriented monetary policy, sustainable public finances, and growth- and competition-oriented structural policies. As for the third pillar, the Lisbon strategy adopted in 2000 with the aim of creating a modern and competitive economy seems to be finally bearing fruits.