We know that the ability of a country to benefit from global financial integration very much depends on the quality of its institutional and structural environment. All economies, including advanced ones, such as the euro area, have to adapt to the changing needs of the world economy.
The European economy has undergone and will continue to undergo substantial structural changes, which are necessary and beneficial because they will secure Europe’s place in the global economy. This structural adjustment has been and will continue to be a major phenomenon in the coming years.