5 This option is suggested by a group of French-German economists: Reconciling risk sharing with market  discipline: A constructive approach to euro cepr.org/sites/default/files/policy_insights/PolicyInsight91.pdf  area  reform,  January  2018  6 Draghi (2017), ‘Structural reforms in the euro area’, Introductory remarks at the ECB conference ‘Structural  reforms in the euro area’, Frankfurt am Main, 18 October 2017; and Bank of Finland (2018), ‘Euro countries recovered from crisis at different paces’, Bank of Finland Bulletin 1/2018.
Allied to this effort, the trade regime has been opened up and the maximum tariff rate has been cut down to 25 per cent with only four slabs and the average tariff rate is down to 14 percent. The financial sector too, has been restructured and opened up to competition.