Let me briefly comment on this issue. After the historic decision to complete the European Single Market in the 1980s, it was felt that economic integration should not stop at that point. To fully reap the rewards of economic integration within the Community, a single currency was felt necessary; a logic pointedly encapsulated in the title of one report: “One market, one money”.
At the same time, some recent surveys and other evidence, including the pick-up in firm creation, suggest that firms are becoming more optimistic. And once the sequence of stronger exports, rising confidence, increased investment and stronger productivity is launched, it could well gain traction faster than expected. We will be monitoring this dynamic closely.