It also assumes the means to protect that freedom, by which I refer to the protection of property rights, the enforcement of contracts, the conditions of fair competition and the avoidance of moral hazard. Economic integration therefore required integration of some economic policies. The euro itself emerged in fact as a corollary of the Single Market.
The need to set up the working group arose with a view to aligning our restructuring guidelines with the best international practices and accounting standards. Another motivation for setting up the working group was to clarify certain instructions which were perceived to be ambiguous.