Employment growth amounts to 14.9 million persons in the euro area, as opposed to only 3.8 million in the previous eight and a half years. Reforms are also needed in product markets. Let me first stress the importance of fully completing the Single Market, particularly in services and network industries.
A deeper integration of markets would stimulate price flexibility by fostering competition and open product markets. Greater cross-border competition and the integration of markets across the euro area countries would contribute to lower prices. It could also enhance the adjustment processes in the individual countries in the event of asymmetric shocks or differing cyclical developments.