This is an encouragement to do more in terms of fully implementing the Single Market and reducing market entry barriers in national regulations which continue to hamper competition. Especially in the services sector, where most new jobs are created, sometimes excessive regulation still persists.
Finally, I believe that further integration in euro area financial markets is possible, especially as regards the integration of equity markets, continued efforts to harmonise legal and regulatory frameworks, and the consolidation of the banking sector. Not only would these reforms raise potential economic growth, but they would also make the economies more flexible and thereby strengthen the resilience against shocks.