So, I would like to give you some examples of where I think further progress with structural reform is needed in Europe, to enhance job creation, growth and economic resilience. One of the most difficult and persistent challenges facing Europe is to reduce structural unemployment and elevate the level of activity rate.
In 2003, 9% of the labour force in the European Union was unemployed, a level of three percentage points higher than in the US. The rate of youth unemployment was more than double that of adult unemployment. The overall rate of activity is around 62 % in the euro area where it is as around 75 % in the United States.