From the start of EMU to the end of last year, as I have already mentioned, the number of people in employment in the euro area has increased by 15.7 million, compared with an increase of only some 5 million in the previous nine years, and the euro area unemployment rate has fallen to its lowest level since the early 1980s.
Of course, the surge in employment cannot be attributed solely to the euro. It also reflects corporate restructuring, the progress made on structural reforms and overall wage moderation in most countries. However, Europe is far from having exhausted its potential for further increases in labour participation rates and employment. Let me flag just a few facts.