This in particular involves conducting a sound and credible fiscal policy that fosters long-term expectations as well as supports an efficient public sector and active implementation of structural reforms. The structural reforms should foster the flexibility of labour and product markets, encourage innovation activities, ensure smooth functioning of financial markets, and create business-friendly environment.
I would like to stress again that the integration process and the need for economic reforms do not end with EMU membership. The success of EMU depends on member states’ ability to adapt to a changing global environment and solve domestic problems. Let me conclude by expressing my confidence in the process of European integration, my confidence in the positive consequences of enlargement.