We are playing an active part in the global efforts to address these weaknesses and redesign the regulatory and institutional framework. A lot of work remains to be done. Second, Economic Union. The solidity of the single currency rests on two pillars: a monetary policy firmly geared towards price stability and a set of sound economic policies.
The particular challenges on the economic front include the firm and credible implementation of the Stability and Growth Pact, constant efforts to render our economies more productive, innovative and dynamic, and the avoidance of major competitive divergences within the euro area. Third, enlargement. When we started out ten years ago, we were 11 countries.