4  BIS central bankers’ speeches  A third element of the adjustment strategy comprised structural reforms to enhance market flexibility and medium-term growth. Measures focused on both labour and product markets, such as revisions to labour market legislation to strengthen labour market flexibility, improving the business climate by streamlining start-up procedures and tax administration, supporting exporting firms and combating the informal economy.
Although clear progress has been made, I believe that the structural reform agenda remains unfinished. Fourth and finally, the adjustment strategy comprised measures to strengthen financial stability and reduce private sector debt burdens. The authorities initially focused on securing liquidity in banks.