***  By way of concluding my introductory remarks, I would like to stress two points. First, as regards euro area policies, persistent wage growth differentials, induced by structural inefficiencies or misaligned national policies, including wage-setting policies, might have adverse implications for the cost competitiveness of individual countries.
National authorities have the responsibility to address competitiveness losses accumulated over recent years by implementing structural reforms and ensuring more moderate price and wage developments. Regarding fiscal policies, we welcome the European Council’s reconfirmation of its full commitment to sustainable public finances.